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Can any one answer the following query
fix assets depreciation we sold a car dt. 19.02.2016 @ Rs.573750/- including 12.5% vat rate & wdv value as on 1st april 2015 Rs.717804/- how many percent depreciation calculated & loss on vehicle entry
Replies (1)
- First you need to calculate depreciation from 1/4/15 till date of sale to arrive at the WDV as on date of sale (i.e. 717804 - x) where x is the depreciation
- From the balance deduct Rs.510000 (excluding VAT) to arrive at the loss
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