M.G.SANKAR (Student) (55 Points)
20 November 2018
Ruchika Somani
(Coaching and Practice in Tax Audit Law.)
(4429 Points)
Replied 20 November 2018
Cash / Bank account debit
Loss on sale account debit (in case of loss)
To machinery account
To profit on sale (in case of profit)
As per income tax profit / loss is calculated only when entire block is been sold.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 20 November 2018
CAclubindia
