help me

Dear Aakansha,

For example : WDV of Computer (Fixed Asset) is 50000 as on 31.01.2010 and you sold the asset for50000 and there is no profit/loss on such sale then the following entry will have to be passed in the books of accounts:-

Computer A/c                                       Dr.     50000

(Grouped under Fixed Asset)

      To Cash / Bank A/c                                                     50000

( Being computer purchased)

Cash / Bank A/c                                   Dr.      50000

         To Computer A/c                                                          50000

( Being Computer sold without Profit/loss)

Regards,

Devendra P Kulkarni

No.. only the Fixed asset account and cash/bank account is affected as there is no profit or loss on sale.

Regards,

Devendra

Ya i agree with Devendra

yup dev is right