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Sale of Laptop

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Querist : Anonymous

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Querist : Anonymous (Querist)
02 August 2010 We have sold a laptop for Cash Rs.9600/- which had a book value Rs.6678/- as on date of Sale. My question is as follows

1) Will it attracts vat on sale of asset.
2) What will be the accounting entries.
3) Any approval to be enclosed with the receipt.
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
02 August 2010 1. Yes, VAT will attract VAT on sale of computer.
2. Cash DR. 9600/- plus VAT
To Computer 6678/-
TO Profit on sale 2922/-
To VAT Payable VAT

3. what kind of approval you want to enclosed.
as per my knowledge , there is not requiremnt of any approval fo sale of laptop
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