i doing audit of one proprietory business, there is loss on sale of asset which is trfr to profit & loss a/c is that ok??? where it should be transfer
9 Replies
kamal kishor sen
(STUDENT Rajasthan)
(2156 Points)
Replied 24 June 2011
as per accounting it is right .
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 24 June 2011
yes it is correct if the asset exists in the books
CHIRAG DEEPAK GANATRA
(CA FINAL)
(1054 Points)
Replied 24 June 2011
as per IT act Is This OOKKKK???? plz repli
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 24 June 2011
yes it can be done .
rectify me if i am wrong
CHIRAG DEEPAK GANATRA
(CA FINAL)
(1054 Points)
Replied 24 June 2011
it is sale of truck, but block of truck is exists on 31.03.2011, so what is your thinking about it??
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 24 June 2011
if block is still exists than no loss can be claimed and the value of block will be decreased will sale amount
CHIRAG DEEPAK GANATRA
(CA FINAL)
(1054 Points)
Replied 24 June 2011
so if vehicle wdv as on 31.03.2010 is 500000 out of which 1 vehicle sold for 100000 value of that 150000, if there is any entry for loss of 50000, or block will remain rs.400000 before depreciation.
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 24 June 2011
block will remain as 400000 at 31-3-11
no entry of loss
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