1) Is the profit on sale of fixed asset
over and above the depreciation charged to PL over the life of the asset
credited to capital reserve?
2) If it is credited, does any accounting standard, Indian or foreign, specify the same?
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Capital reserve & profit on sale of fixed assets
Replies (1)
sale vaue - RS 120
market value - RS 110
book value - RS 105
total profit - RS 15.
Capital Reserve is 10. (sale value - market value)
profit and loss a/c is 5. (market value - book value)
market value - RS 110
book value - RS 105
total profit - RS 15.
Capital Reserve is 10. (sale value - market value)
profit and loss a/c is 5. (market value - book value)
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