10 September 2011
One of my client in his Proprietorship Business in FY 2010-11. Buniness Turnover Rs. 4 Core. and Net Profit Rs. 20 Lacs. Op.Bal for motor car as on 1.4.2010 for Rs.444489/- The motor car sale for Rs. 180000/- on date 7.2.2011 Depreciation & Loss of car sale how can compute it?
26 September 2011
well deprecitaion is to be charged as per accounting policies which you have mentioned if u hv mentioned to charge depreciation on pro-rate basis, so charge depreciation for that period and than calculate the profit
26 September 2011
If u have mentioned in the account policies that no depreciation to be charged in the year of sale then whole difference of opening balance and sale proceed to charged as loss
CAclubindia
