tell me the adjustment
This query is : Resolved
31 December 2016
i have a query there is a Doctor in his books their is a ultra sound machine of rs.800000 on which he is not claiming depreciation but claiming depreciation in income tax....now he sold that machine for rs.25000, what will be the treatment in his books.
31 December 2016
Charge depreciation in the books what ever is claimed in the income tax and the balance amount after deducting sale value, treat it as loss/profit on sale of asset.
31 December 2016
if we charge depreciation of previous years it will show depreciation of high value in profit & loss A/C and p&l a/c will look absurd...
31 December 2016
Break it as current year depreciation and previous years depreciation then it will not look absurd.
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