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As 10 fixed assets
How to deal with the following?
A company has sold some old machinery for Rs 1 cr.
The cost details are not available since the entire records are destroyed in earthquake.
Replies (5)
Ascertain the Carrying amount of the asset form the previous balance sheet (even though the records are lost, the balance sheet filed with RoC would be available with payment of nomial fees). On the Carrying amount of the Asset apply the Depreciation at the rate applicable to asset and arrive at the Book Value of the Asset sold, Determine the profit or loss on sale of such asset.
Agree with answer by saliq sir.
In audit , the terminology used for this task is " auditor should perform alternate audit procedures to collect information for the purpose of his audit."
Whether this is to be done by auditor or mgt..
You would have shared the FA schedule with auditors. You can get the details from them on request.
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