help me
Aakansha Ranjan (Student) (193 Points)
07 December 2010
where the amount of sale of fixed asset is posted in final account when there is no profit or loss from its sales ??
5 Replies
Devendra
(Chartered Accountant)
(4775 Points)
Replied 07 December 2010
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
Aakansha Ranjan
(Student)
(193 Points)
Replied 08 December 2010
is there any entry in profit and loss account for the sales amount ??
Devendra
(Chartered Accountant)
(4775 Points)
Replied 08 December 2010
No.. only the Fixed asset account and cash/bank account is affected as there is no profit or loss on sale.
Regards,
Devendra
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