Treatment of dep in accounts for deleted assets

This query is : Resolved

Gitika bajaj (Querist)
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04 June 2012 plz explain how dep is provided for deleted/sold assets - when asset is sold in the middle of the year,is dep charged on deleted asset and then profit or loss on asset sold calculated.what r the entries from accounts point of view (and not income tax)

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 June 2012 Depreciation will be charged upto the date of sale.

Depreciation A/c Dr
To Asset A/c

Bank A/c Dr
To Asset A/c

Profit or loss will be recognised.

Asset A/c Dr
To Profit on Sale of Asset

Loss on Sale of Asset A/c Dr
To Asset A/c

Profit or loss shall be transferred to P&L Account.

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