What entry shold be passed for asset that have cleaimed full depreciation and have been sold and earned a profit
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What to be done
Replies (2)
the income u realized will be you short term capital gain.... entry would be
cash/bank ac dr.(full amt)
to fixed assets account ( Rs.1 or actual book value)
to gain on sale of capital assets. (balance/profit )
I think depr. will also be debited upto the date of sale of asset.
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