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.
6 Replies
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
Depreciable asset (vehicle)
and assessee is partnership firm
and assessee is partnership firm
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
If we deduct the total sale amount including profit then will it not deduct the Value of the existing assets??
prasad Nilugal
( GST Practitioner & Accounts )
(14801 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 )
Recent Topics
- Avoiding tax audit in case of intraday equity loss
- Form 3CEAB
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
Related Threads
CAclubindia
