Whether loss on sale of assets & Loss on Assets written off should be shown below the line in Profit & Loss a/c? (i.e after Profit before Tax?)
Or can that be included in part of P&L Schedules in Administration expenses?
Please clarify......
Shrilakshmi Raj (CA) (81 Points)
03 July 2009Whether loss on sale of assets & Loss on Assets written off should be shown below the line in Profit & Loss a/c? (i.e after Profit before Tax?)
Or can that be included in part of P&L Schedules in Administration expenses?
Please clarify......
Chandrashekhar Azad
(Chartered Accountant)
(45 Points)
Replied 03 July 2009
Loss on sale of assets or loss on assets written off should be separetely shown under the Expenditure column, it should not be shown under the head of Administrative expenses because it is not an expense for the business but a loss which should be shown under expenditure column of the Profit & Loss account.
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 06 July 2009
It should be shown under expenditure head and not a below the line item
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