Dear all,
One Co. has disposed of one of its assets in the month of april saying that it is scrap. So whether there will be any impact in previous year?
will the loss on disposal of this asset be treated as Prior Period item?
2 Replies
Seetha
(B.Com, CA)
(278 Points)
Replied 13 August 2009
if it is sold in april 2009 then it wont be considered in the P.Y 2008-2009.
the loss on disposal of the asset will be taken in p&l in P.Y. 2009-2010
pls correct me if i am wrong
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 14 August 2009
If the amount involved of the assets written off as scrap is small then there is no need to worry.
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