TREATMENT OF FIXED ASSET SOLD DURING THE YEAR IN BS
This query is : Resolved
11 September 2009
Kindly some one guide me to treat the fixed asset sold during the year in the Balance Sheet and the corresponding depriciation calculation.
11 September 2009
Following will be the treatment for sale of fixed assets:
1) Credit fixed asset a/c with original cost.
2) Debit Provision for Depreciation ledger with the total amount of depreciation provided on such fixed asset upto last year.
3) Credit/(debit) profit/(loss) on sale of fixed asset to the p & l a/c.
4) Depreciation on such fixed asset should not be charged in the year of sales.
1) Credit fixed asset a/c with original cost.
2) Debit Provision for Depreciation ledger with the total amount of depreciation provided on such fixed asset upto last year.
3) Credit/(debit) profit/(loss) on sale of fixed asset to the p & l a/c.
4) Depreciation on such fixed asset should not be charged in the year of sales.
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