Sale of an asset
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 July 2010
Situation:
A firm has the following assets in its books:
Car 1 - WDV on 1.4.2009 - 1 lac
Car 2 - WDV on 1.4.09 - 3 lac
CAr 3- WDV on 1.4.2009 - 2 lac
All the 3 cars are in the name of the partner but shown in the books.
car 3 is sold during the FY 2009-10 for Rs.5.50 Lacs.
Pls tell me how to deal with this?
What will be the accounting treatment?How to deal in computation for the AY 2010-11?
pls help.Urgent
A firm has the following assets in its books:
Car 1 - WDV on 1.4.2009 - 1 lac
Car 2 - WDV on 1.4.09 - 3 lac
CAr 3- WDV on 1.4.2009 - 2 lac
All the 3 cars are in the name of the partner but shown in the books.
car 3 is sold during the FY 2009-10 for Rs.5.50 Lacs.
Pls tell me how to deal with this?
What will be the accounting treatment?How to deal in computation for the AY 2010-11?
pls help.Urgent
21 July 2010
The WDV after the Sale of Assets will bcum Rs. 50000
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 July 2010
Csn u tell me how the assets shall be shown in the Balance sheet schedule of fixed assets?I mean to say we show the assets seperately.ie. Car 1 Wdv - dep = wdv on 1.4.2009 like wise.
27 July 2010
1. For Balance Sheet purpose, you have to write off all 3 cars & account Rs. 50,000 as Loss on sale of car.
Assuming that WDV is arrived at, after calculating depreciation at the rates prescribed under the Income tax Act :
2. For tax purpose, Rs. 50,000 Loss on sale of car shall be added back to the income. If there is no further assets under the block motor car, this needs to be shown as Short Term capital Loss.
Assuming that WDV is arrived at, after calculating depreciation at the rates prescribed under the Income tax Act :
2. For tax purpose, Rs. 50,000 Loss on sale of car shall be added back to the income. If there is no further assets under the block motor car, this needs to be shown as Short Term capital Loss.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Is online PGCE worth it?
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
