Sir, If i purchased the land for Rs 1 lakh after some time i sold it for rs. 80000 and then there will be a loss of rs 20000 for this how entry is to be passed and can it be the loss rs 20000 loss on sale of asset or else please let me know
Ganesh Shetty (accountant) (32 Points)
02 November 2008Sir, If i purchased the land for Rs 1 lakh after some time i sold it for rs. 80000 and then there will be a loss of rs 20000 for this how entry is to be passed and can it be the loss rs 20000 loss on sale of asset or else please let me know
CA Nitin Wadhwani
(Chartered Accountant)
(4469 Points)
Replied 02 November 2008
Bank / Debtor A/c....................Dr 80000
Loss on Sale Of Asset A/c.....Dr 20000
To Land A/c 100000
CAclubindia
