09 September 2010
When in a block of asset, a fixed asset is sold, we will not reconise profit or loss on sale unless if its the only asset in the block.Right?If there are more than 1 asset in a particular block, and an asset is sold.What entry shall we pass in the books to make it in accordance with block of asset concept?Kindly guide...
12 September 2010
But the difference b/w the wdv & the sales proceeds cannot be shown in the fixed asset schedule as closing wdv, right as the asset is sold?So how should it be presented in the audit report and the entry to be passed in the books?
CAclubindia
