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Accounting Entry
Respected Experts ! plz guide what what will be the accounting entry for profit or Loss on sale of Fixed asset.
Replies (6)
Whether depreciable fixed asset, or non depreciable
what is the constitution of Assessee
Depreciable asset (vehicle)
and assessee is partnership firm
and assessee is partnership firm
Deduct sale amount from block of asset
If we deduct the total sale amount including profit then will it not deduct the Value of the existing assets??
If loss after sale of asset
Bank A/c Dr
Depreciation A/c Dr
Profit & loss A/c Dr
To Fixed Asset A/c Cr
(Being asset sold loss transfred to profit & loss after depreciation )
If Profit after sale of asset
Bank A/c Dr
Depreciation A/c Dr
To Asset A/c Cr
To profit & loss A/c Cr
( Being profit transfer to P&L afte depreciation )
Thank U So Much Sir
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