Profit on sale of fixed assets

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1359 Points Posted on 06 November 2022
profit on sale of fixed assets is revenue receipt or capital receipt ??
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On 06 November 2022 at 00:49 Report
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This discussion explores whether profit on the sale of fixed assets is considered a revenue receipt or a capital receipt. It clarifies that such profits are typically treated as capital receipts but are recorded in the P&L account because incomes and gains are nominal accounts. The conversation also touches upon depreciation details for factory LED lights as per the Income Tax Act.

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Profession Business
28246 Points Posted on 06 November 2022
Capital receipt certainly
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On 06 November 2022 at 06:48
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1359 Points Posted on 06 November 2022
So why it is recorded in p&l a/c
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On 06 November 2022 at 10:48
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Finance
4592 Points Posted on 06 November 2022

Incomes and gains are nominal accounts

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On 06 November 2022 at 16:37
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55 Points Posted on 10 November 2022

Please provide the details of depreciation  https://banksnear-me.com/ available for LED lights used in factory for industrial purpose as per income tax act Your early .

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On 10 November 2022 at 15:45

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