One of our old machinery sale and how to account it?
and return filing?
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old Machinery sale accounting under gst
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.
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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