Sale of asset process
This query is : Resolved
24 January 2013
Hi ,,,
Please can any one explan regarding sale of asset and how to account it in books
Please can any one explan regarding sale of asset and how to account it in books
24 January 2013
Asset can be sold on profit or loss. you need to get depreciable value also.
if asset depreciated value is 1 lac
it is sold for 1.25 lac
then entry will be
Bank A/c Dr 1.25 lac
To Asset 1 lac
To profit on sale of asset 0.25 lac
if asset depreciated value is 1 lac
it is sold for 1.25 lac
then entry will be
Bank A/c Dr 1.25 lac
To Asset 1 lac
To profit on sale of asset 0.25 lac
25 January 2013
schedule XIV of companies act will help.
every asset has different rate. So if you tell me then I can tell the rate. normally companies use SLM. it is calculated on day wise means if you sold asset on 30th June then dep will be calculated from 1 April to 30th June.
every asset has different rate. So if you tell me then I can tell the rate. normally companies use SLM. it is calculated on day wise means if you sold asset on 30th June then dep will be calculated from 1 April to 30th June.
Message likes :
1 times
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
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- 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
- GST ON EXPORT COMMISSION
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
