22 September 2010
A person has fixed assets in block of 15%: WDV Rs. 302086 Additions during the year Rs. 309210 One of the assets sold during the year having WDV RS. 203500, sold for RS. 126490. The person has charged the loss of Rs. 77010 to the P&L Account. I think this is not loss and it should be added back to profit. Further, the amount of sale (126490.00) should be shown as deduction from the block. No capital loss is there as the block exists because of some other fixed assets and a new fixed asset in the same block. Am I right?? If not, plz tell me the correct treatment. Thanx
CAclubindia
