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old Machinery sale accounting under gst

Accounts 1038 views 2 replies
One of our old machinery sale and how to account it?
and return filing?
Replies (2)

Cash / Bank account debit

Loss on sale account debit (in case of loss)

To machinery account

To profit on sale (in case of profit)

As per income tax profit / loss is calculated only when entire block is been sold.

 

Sale the Machinery as per Your declared value + GST @ 18% (Also based on Machinery)...

Then Pass the entry as Credit the Sale Value to Machinery and Charge GST...

After sale proceeds transfer the balance value to PandL account.


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