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
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.
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