please help
my firm is a partnership firm.
I bought a machine for rs 4700000. in my factory on dt 09.11.2011 put to use on 15.09.2011.the depreciation on the same machine put to depreciation reserved a/c.
now I sold the same machine on dt 02.02.2019.for rs 1600000.00
please guide how I do the entry in my books.
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depreciation on plant and machinery
Replies (1)
What is the value of the block of assets as on the date of sale?
If the block cease to exist, add the gains to short term capital acc.
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