We are Sold our one of our Fixed asset EPABX.
Afer Deprecition the amount of EPABX is 13,964.00. we are sold for RS.3,500.00
So what wil be the journal Entry.
pls give me the answer immediatly.
11 Replies
Milan Somani
(CA)
(1456 Points)
Replied 11 May 2009
cash/bank dr 3500
loss on sale of EPABX dr 10464
To EPABX 13964
PRAVEEN KUMAR
(MBA (Finance) B.Com.(P))
(3443 Points)
Replied 15 May 2009
Entry is ok.
but first check which depreciation method ur company follows
if wdv it is ok.
but if slm
you have to adjust that depreciation amount also.(if your company keeps provision for depreciation account seperately)
Thanks
Praveen
(Guest)
yes entry is right but complete entry will be
Cash/ Bank A./c Dr. 3500.00
Loss on Fisx Assets A/c Dr. (10464-Depreciation charged)
Depreciation Reserve (if any) A/c Dr. (From Dep Amount)
Cr Office Equipment A/c (Epabx A/c)
If Fixed Assets are showing on IDV value then the loss on fixed assets will be caculated as IDV of EPABX (-) Sale amount = Loss from Sale of Fixed Assets
>> rajesh
shanavas.M.K
(CA Aspirant)
(129 Points)
Replied 24 September 2009
loss on sales of EPBX comes under which head?
(Guest)
| Originally posted by :shanavas.M.K | ||
| " | loss on sales of EPBX comes under which head? | " |
This will a seperate ledger account under Indirect expenses head and shows at P/L account
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 24 September 2009
Loss from sale of fixed assets should be shown in profit & loss account as loss on sale of fixed asset.
sachin
(Account Officer)
(22 Points)
Replied 14 April 2010
Pls Guide me, if we caclulate defferal Tax Liability then what is the entry we will make after sale of fixed assets
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