Tax treatment on sale of fixed assets
Querist : Anonymous
There are a certain type of Fixed Assets(FA) mention in Balance sheet. I sold out some assets from it with issue of Retail Invoice of 4+1% Tax with creating new sale account of "Fixed Asset Sale".
Kindly suggest that how to reduce FA from balance sheet. What is entry to pass in account?
Now that you have created one, transfer the fixed asset to this sale account by debiting 'fixed asset sale' and crediting 'fixed asset' account with the WDV of the fixed asset.
Querist : Anonymous
I have paid tax on sale of FA, so I can not make nill balance of fixed asset sale account. Pls Suggest.
Querist : Anonymous
Querist : Anonymous
Querist : Anonymous
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