Dear Aakansha,
For example : WDV of Computer (Fixed Asset) is 50000 as on 31.01.2010 and you sold the asset for50000 and there is no profit/loss on such sale then the following entry will have to be passed in the books of accounts:-
Computer A/c Dr. 50000
(Grouped under Fixed Asset)
To Cash / Bank A/c 50000
( Being computer purchased)
Cash / Bank A/c Dr. 50000
To Computer A/c 50000
( Being Computer sold without Profit/loss)
Regards,
Devendra P Kulkarni
No.. only the Fixed asset account and cash/bank account is affected as there is no profit or loss on sale.
Regards,
Devendra
yup dev is right
CAclubindia
