Treatment of sale of parts CWIP
This query is : Resolved
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
what is the treatment od this sale.
& pls explain what are all the disclosure requirment
regds
Satheesh
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.
11 September 2009
Agree With expert. It is not loss as per IT but bulding or asstes amt. is decreased.
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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