treatment of profit on sale of fixed asset
This query is : Resolved
22 August 2017
journal entry & treatment of profit on sale of fixed asset
22 August 2017
Cash/Bank A/c Dr. xxxx
To Fixed Assets A/c xxxx
To Profit&Loss A/c xxxx
To Fixed Assets A/c xxxx
To Profit&Loss A/c xxxx
22 August 2017
Eg. Cost of fixed asset - Rs. 10 lakhs, accumulated depreciation - Rs. 4 lakhs, Sale price - Rs. 8 lakhs
1. Sale of Fixed Asset A/c Dr 10 lakhs
To Fixed Assets
2. Accumulated Depreciation Dr 4 lakhs
To Sale of Fixed Assets
3. Bank/ Cash/ Party Dr 8 lakhs
To Sale of Fixed Assets
The balance amount is the profit. Additionally you can file the below entry
Sale of Fixed Assets Dr
To Profit on Sale of Fixed Assets
1. Sale of Fixed Asset A/c Dr 10 lakhs
To Fixed Assets
2. Accumulated Depreciation Dr 4 lakhs
To Sale of Fixed Assets
3. Bank/ Cash/ Party Dr 8 lakhs
To Sale of Fixed Assets
The balance amount is the profit. Additionally you can file the below entry
Sale of Fixed Assets Dr
To Profit on Sale of Fixed Assets
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Opting our of sec 44AD
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Multiple trade mark
- Transporter Declaration form
- FORM 26A APPLICABILITY
- Before GSTAT- APL-02 Vs APL-04
- Annual return in Gst
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
