Depreciation Entry on account of Sale of FIxed Asset

This query is : Resolved 

19 December 2008 Dear Sir,

Suppose Company A has sold the Car in the middle of the F.Y.

My Query is that first we have to pass the Full year Depreciation entry in the year in which sale has taken place and then we have to pass the reversal entry for the difference of the amount i.e. The difference Between the Full Year Depreciation Less Depreciation till the date of Sale

Please clarify

Regards

Ravi Konda

19 December 2008 no, only the part of the depreciation shall made for which the assets used than after entry made for sale.

19 December 2008 Pl provide depreciation in the books of accounts as per schedule X1V of the Companies act,1956 only up to the date of sale of the asset.


08 February 2009 Depreciation is allowed till the date of sale of asset



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