Accounting Entry
DEVENDER THAKUR (Accountant) (589 Points)
29 August 2018
Respected Experts ! plz guide what what will be the accounting entry for profit or Loss on sale of Fixed asset.
DEVENDER THAKUR (Accountant) (589 Points)
29 August 2018
Rakesh Bandal
(Self Employed and Agriculture)
(1349 Points)
Replied 29 August 2018
Whether depreciable fixed asset, or non depreciable
what is the constitution of Assessee
DEVENDER THAKUR
(Accountant)
(589 Points)
Replied 29 August 2018
Rakesh Bandal
(Self Employed and Agriculture)
(1349 Points)
Replied 29 August 2018
Deduct sale amount from block of asset
DEVENDER THAKUR
(Accountant)
(589 Points)
Replied 29 August 2018
prasad Nilugal
( GST Practitioner & Accounts )
(14629 Points)
Replied 29 August 2018
If loss after sale of asset
Bank A/c Dr
Depreciation A/c Dr
Profit & loss A/c Dr
To Fixed Asset A/c Cr
(Being asset sold loss transfred to profit & loss after depreciation )
If Profit after sale of asset
Bank A/c Dr
Depreciation A/c Dr
To Asset A/c Cr
To profit & loss A/c Cr
( Being profit transfer to P&L afte depreciation )
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