Fixed Asset Schedule

To the extend of my knowledge,, whatever u discussed is absolutely fine and correct.

In the firs case, you should consider the cost of asset, i.e when asset is sold, less (written down value+accumulateddepreciation+loss on sale) or else (wdv + dep. - profit on sale)...

And as per IT act, u shd consider the consideration recieved.

Format of fixed asset schedule is as follows:

                                                    Gross Block                                                Depriciation                     Net Block  

                      Opening             Additions          Deductions           Closing            upto 1/4/xx      for the C.Y          As on 1/4/xx         as on 31/3/xx

It is preapred at orignal cost only as the diff between sales value and WDV is charged to P&L.

For income tax purpose it will be shown at sales value. However if the entire block of asset has been sold then the block will cease to exist, irrespevtive of its sales value.