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SALE OF OLD FIXED ASSETS

This query is : Resolved 
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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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