Sale of machinery
This query is : Resolved
Saurabh Garg
(Querist)
05 August 2015
Year 2013-14
Plant & Machinery Opening. Value 3,00,000
New machine purchased Rs 5,00,000
added to Plant & Machinery and charged dep.
Note : No concept of block, by nature of asset, asset grouped likewise say Machinery in Machinery.
Year 2014-15
The machinery purchased last year costing Rs. 5,00,000 sold to 3 lacs and VAT collected and paid thereon
Now the problem is how to account for sale of new machine, it is to be deducted merely by Rs 3,00,000, then how to book for loss....
Please help
Plant & Machinery Opening. Value 3,00,000
New machine purchased Rs 5,00,000
added to Plant & Machinery and charged dep.
Note : No concept of block, by nature of asset, asset grouped likewise say Machinery in Machinery.
Year 2014-15
The machinery purchased last year costing Rs. 5,00,000 sold to 3 lacs and VAT collected and paid thereon
Now the problem is how to account for sale of new machine, it is to be deducted merely by Rs 3,00,000, then how to book for loss....
Please help
Amol S Joglekar
(Expert)
05 August 2015
Since the asset is extinguished due to sale, account for the loss as "Loss on sale of asset" in 2014-15.
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