LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Accounting treatment

Amit (.) (104 Points)

27 September 2012

Dear All, Please let me know where shall I show loss on sale of fixed assets under revised schedule VI?

Reply
Follow
Share

10 Replies

Ankit CA and CS (Manager - Accounts) (204 Points)
Replied 27 September 2012

Ideally it should be shown as Negative iteem in other income schedule, refer TCS Accounts.... hope it will solve your problem

Manoj chopra (article) (128 Points)
Replied 27 September 2012

Depreciation and ammortization cost schedule

Ankit CA and CS (Manager - Accounts) (204 Points)
Replied 27 September 2012

Manoj r u confident of your answer??

Manoj chopra (article) (128 Points)
Replied 27 September 2012

Yes,i am

CA.Ankur Khandelwal (Owner) (281 Points)
Replied 27 September 2012

It should b shown in head other expenses............and i am sure abt that

Manoj chopra (article) (128 Points)
Replied 27 September 2012

if th block is over then it is shown in others ,else deduct it from the block as we deduct th depriciation

Ankit CA and CS (Manager - Accounts) (204 Points)
Replied 27 September 2012

@ Ankur, yes u r also correct, but the only point is, as per revised schedule VI profit on sale of Fixed asset should go to other income (i.e. it does not form part of EBIT), so in case of loss also it should not hit your EBIT, so for improving EBIT level you can show loss as negative figur under other income. Or other wise it will appear under other expenses.

@ manoj i m not being able to understnad you concept please explain

Hope this clarifies....