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Treatment of sale of parts CWIP

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(Querist)
11 September 2009 We have sold some part of CWIP Excess material procured for building ( say Steel )value is not a nehligible value )
what is the treatment od this sale.
& pls explain what are all the disclosure requirment

regds
Satheesh
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ARUN KUMAR V

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ARUN KUMAR V (Expert)
11 September 2009 Since you might have debited the asset account while acquiring the material, so the sale value of the same can be credited in the same account so that the asset value is redused. If loss arises from transaction it it can be shown as extra ordinary item.
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CA CHINTAN AJMERA

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CA CHINTAN AJMERA (Expert)
11 September 2009 Agree With expert. It is not loss as per IT but bulding or asstes amt. is decreased.
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CA Satheesh

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CA Satheesh (Querist)
11 September 2009 As per IT if we have capitalized then only it is considered as asset if it is in CWIP stage, what is the treatment for loss.
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