How to calculate /Assess sale value of fixed asset ,shown in balance sheet

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41 Points Posted on 25 October 2021
Whether GST should be levied on actual sale value or on value above the depriciated amount shown in the balance sheet?
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On 25 October 2021 at 23:21 Report
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This discussion clarifies how to determine the sale value of a fixed asset, which is based on the agreed price between the buyer and seller. It also addresses the important question of whether Goods and Services Tax (GST) should be applied to the actual sale value or only to the amount exceeding the depreciated value shown on the balance sheet.

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Profession
28271 Points Posted on 26 October 2021
Assets are shown at cost less accumulated depreciation till the date of the balance sheet I. e. wdv of the asset as on the balance sheet date.
Sale value of the asset is as mutually agreed by the seller and buyer.
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On 26 October 2021 at 07:01
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Chartered Accountant
24588 Points Posted on 26 October 2021
On actual sales value
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On 26 October 2021 at 10:01

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