What entry shold be passed for asset that have cleaimed full depreciation and have been sold and earned a profit
Ashok kumar (Chartered accountant) (34 Points)
19 February 2014What entry shold be passed for asset that have cleaimed full depreciation and have been sold and earned a profit
CA CS Chirag
(Practicing CA)
(834 Points)
Replied 19 February 2014
the income u realized will be you short term capital gain.... entry would be
cash/bank ac dr.(full amt)
to fixed assets account ( Rs.1 or actual book value)
to gain on sale of capital assets. (balance/profit )
Durga Prasad
(Trainee)
(392 Points)
Replied 19 February 2014
I think depr. will also be debited upto the date of sale of asset.
CAclubindia
