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Sale of fixed assets
any profit on sale of fixed assets transferred to P&L A/c (or) capital reserve ?
Replies (5)
It should be transferred to p/l a/c automatically it will be added to capital reserve by transferring the profit to reserve
Means it is included in calculating net profit.
There is a seperate account called capital reserve.
Yes it can be included
It is credited to profit & loss account only.
it is an extraordinary item, so it is be disclosed in profit & loss account separately.
it is an extraordinary item, so it is be disclosed in profit & loss account separately.
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