SALE OF OLD FIXED ASSETS

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This discussion covers the sale of old fixed assets, specifically machinery. It details how to calculate GST on the sale and determine the profit or loss by comparing the sale value to the book value. The difference is typically transferred to the Profit & Loss account, affecting the block of assets value.

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(Querist)
02 October 2023 SIR
MR X FIRM SOLD OLD MACHINERY RS.10.62,000- WITH GST RATE OF 18% AS ON 22.10.222( SALES VALUE RS 9,00,000 AND GST RS.1,62,000/- THE MACHINERY BOOK VALUE AS ON 01.4.2022 RS. 10,50,000/-. THE SAME MACHINERY PURCHASES AS ON 15.09.2020 RS.16,00,000 WITH GST..DIFF VALUE RS. 150,000/- AND LOSS OF CHARGED IN PL A/C OR TR TO PARTNER CAPITAL A/C
THANKS
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RAJA P M

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RAJA P M (Expert)
04 October 2023 Difference will be transfer to PandL account as Profit or Loss...
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
17 September 2025 If block of assets exists, total sell receipt will reduce the block value.
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