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depreciation
old splendor plus (2011) 20000 km driven want to sale by a company .which was fully depreciated. value of motor cycle and its accounting?
Replies (2)
assets must be lying in the books at its salvage value in accordance with schedule II of the companies act so if you are selling exceeding salvage value then profit will be booked if less than salvage value then los must be recognised. in income tax sale proceeds will be deducted from block of assets.
based on its salvage value in the books of accounts and its actual sales proceeds compare u will get the profit or loss
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