Contamination fixed assets.

1. adj entry ( provision for depreciation to be transferred to fixed asset a/c

Provision for depreciation a/c   Dr.

      To fixed asset A/c

2. on sale of fixed asset

Bank A/c                                 Dr.

      To Fixed asset

3. Profit on sale of fixed asset. (balancing figure of fixed asset is to be transferred to profit and loss A/c)

Fixed Asset A/c                Dr.

     To Profit and loss a/c   

Fixed Assets are those assets which have useful life of more than 1 year and these assets are used in business and substaintial cost is incurred in purchasing these assets. Fixed assets can be divided on the basis of two things.

1. Depreciation
2. Tangibility

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