ICICI

Sale Of fixed assets in a block


Sunil Ahmad (Student)     09 July 2019

Sunil Ahmad
Student 
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Sale of fixed assets in case if some assets exist in block.

For example:
Opening value of block of P&M (15%) =392,700
One of P&M sold for Rs.350,000/- of which WDV is Rs.361,250/-


What is the Treatment of Depreciation and capital gains/loss

1.In Partnership Business
2.In Company

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Krishna Chaudhary (Accountant)     10 July 2019

Krishna Chaudhary
Accountant 
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In case of company-
depreciation will charged on closing WDV (392700-350000=42700).

In case of partnership-
Depreciation will charged on (392700-361250=31450) And loss will booked for (361250-350000=11250)

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Sunil Ahmad (Student)     10 July 2019

Sunil Ahmad
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Tq,for your reply
but some assets are left in block of assets: 
I think should be reverse !!!🤔

ANKUR (ARTICLE)     10 July 2019

ANKUR
ARTICLE 
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charge depreciation on 42700.. as block and wdv both exist, no capital loss

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Krishna Chaudhary (Accountant)     10 July 2019

Krishna Chaudhary
Accountant 
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I have already told the treatment of each and everything as per your question. Charge depreciation on the remaining block of asset in case of company and in case of partnership do the treatment as per the above reply.

Govinda Gupta (Student)     10 July 2019

Govinda Gupta
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same treatment in both cases

rishi (student)     10 July 2019

rishi
student 
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totally agree with ankur sir

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Sunil Ahmad (Student)     10 July 2019

Sunil Ahmad
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Tq for all your answers.

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Dwaipayan Paul (Ca final)     10 July 2019

Dwaipayan Paul
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Agreed with ankur

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Sunil Ahmad (Student)     10 July 2019

Sunil Ahmad
Student 
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In partnership, profit/loss on sale should not be shown in p&L.
In company , profit /loss on sale can be shown in p&L.
In both cases no capital loss.
Is it Correct??


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