Sir, If i purchased the land for Rs 1 lakh after some time i sold it for rs. 80000 and then there will be a loss of rs 20000 for this how entry is to be passed and can it be the loss rs 20000 loss on sale of asset or else please let me know
1 Replies
CA Nitin Wadhwani
(Chartered Accountant)
(4469 Points)
Replied 02 November 2008
Bank / Debtor A/c....................Dr 80000
Loss on Sale Of Asset A/c.....Dr 20000
To Land A/c 100000
Recent Topics
- Need your valueble insight.
- Softex For freelancer ?
- GST ON REIUMBURSEMENT ENTRY ON GST PORTAL
- Missing invoice in gst
- GST on consultancy
- Linking adhaar to UAN without employer
- WHETHER ITC REVERSAL TH. GSTR 3B OR DRC03
- Advance Tax For Freelancers
- Is fvu 8.8 version available ?
- Interest and penalty on advance tax shortfall
Related Threads
CAclubindia
