Surplus from sale of fixed assets
This query is : Open
Jitendra Kumar
(Querist)
08 June 2016
My query is whether profit/surplus from sale of fixed assets whose written down value has become nil can be transferred to 'Capital Reserves'.
Rupesh Jain
(Expert)
08 June 2016
value excess from the nominal value (purchase price) will tfr to capiltal reserve and balance transfer to profit & lkoss a/c .
Jitendra Kumar
(Querist)
08 June 2016
Thank you Rupesh Sir for your valued opinion.
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