16 January 2013
I purchased an Assets of Rs.50000/- and charged depreciation 20% for Full Year. I sold that Assets of Rs.42,000/- what is the Book Value of the Assets and Journal Entry. Please guide me.
17 January 2013
After depreciation book value of the asset is Rs 40000. The entry would be: Bank A/c Dr 42000 To Asset 40000 To Profit on sale of Asset 2000
After this write off Profit on sale of asset to PL a/c
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