treatment of profit on sale of fixed asset
This query is : Resolved
22 August 2017
journal entry & treatment of profit on sale of fixed asset
22 August 2017
Cash/Bank A/c Dr. xxxx
To Fixed Assets A/c xxxx
To Profit&Loss A/c xxxx
To Fixed Assets A/c xxxx
To Profit&Loss A/c xxxx
22 August 2017
Eg. Cost of fixed asset - Rs. 10 lakhs, accumulated depreciation - Rs. 4 lakhs, Sale price - Rs. 8 lakhs
1. Sale of Fixed Asset A/c Dr 10 lakhs
To Fixed Assets
2. Accumulated Depreciation Dr 4 lakhs
To Sale of Fixed Assets
3. Bank/ Cash/ Party Dr 8 lakhs
To Sale of Fixed Assets
The balance amount is the profit. Additionally you can file the below entry
Sale of Fixed Assets Dr
To Profit on Sale of Fixed Assets
1. Sale of Fixed Asset A/c Dr 10 lakhs
To Fixed Assets
2. Accumulated Depreciation Dr 4 lakhs
To Sale of Fixed Assets
3. Bank/ Cash/ Party Dr 8 lakhs
To Sale of Fixed Assets
The balance amount is the profit. Additionally you can file the below entry
Sale of Fixed Assets Dr
To Profit on Sale of Fixed Assets
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
- Manual Rectification through AO
- IT Return filed defective u/s 139 (9)
- Defective Return - Tds on advance
- Fixed Deposit Claim Relinquishment by the Nominee
- TCS ON SOFTWARE SALES
- Not a CA , can we prepare balance sheet
- Income Type for interest from government bonds
- What is meaning of cumulative method of interest
- Interest of FDs is taxable on an accrual basis also
- What is meaning of mismatch of group in accounting
- Gstr 9 2023-24
- GSTR-9 HSN Summary and Credit Note without item
- 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 ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- GST RCM not shown in GSTR-3B
- Bill from Dispatched from issue.
Trending Online Classes
-
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
Mr.Balamurugan Ranganathan15 November 2024
CAclubindia
