asset Disposal -jornal Entry

cash/bank                            dr       3500

loss on sale of EPABX      dr      10464

To EPABX                                      13964

anybody support him?

he is right

Entry is ok.

but first check which depreciation method ur company follows

if wdv it is ok.

but if slm

you have to adjust that depreciation amount also.(if your company keeps provision for depreciation account seperately)

Thanks

Praveen

yes entry is right but complete entry will be

Cash/ Bank A./c  Dr.                 3500.00

Loss on Fisx Assets A/c  Dr.                      (10464-Depreciation charged)

Depreciation Reserve (if any) A/c Dr.     (From Dep Amount)

                Cr  Office Equipment A/c  (Epabx A/c)

If Fixed Assets are showing on IDV value then the loss on fixed assets will be caculated as IDV of  EPABX  (-)  Sale amount  = Loss from Sale of Fixed Assets

>> rajesh 

I agreed all

loss on sales of EPBX comes under which head?

This will a seperate ledger account under Indirect expenses head and shows at P/L account

Loss from sale of fixed assets should be shown in profit & loss account as loss on sale of fixed asset.

AGREED WITH RATAN

Pls Guide me, if we caclulate defferal Tax Liability then what is the entry we will make after sale of fixed assets