HELLO EVERYONE,
A COMPANY HAS 3 VEHICLES. OUT OF WHICH COMPANY SALES 1 VEHICLE FOR RS. 400000/- ON 26/11/2013. THE COST OF THE VEHICLES WAS RS. 784924/- WHICH WAS APPROXIMATELY PURCHASED IN THE YEAR 2011-2012. ACCUMULATED DEPRECIATION UPTO 31/03/2013 ON THIS PARTICULAR VEHICLE WAS RS. 209984/- . DEPRECIATION UPTO THE DATE OF SALE AMOUNTED TO RS. 97875/- (01/04/2013 TO 25/11/2013). SO WE CAN SEE THAT THE VEHICLE WAS SOLD FOR LOSS OF RS. 77065/-
MY QUERY IS, WILL ANY TAX IMPLICATIONS ARISE OUT OF THIS - ?
WHAT WILL BE THE ACCOUNTING EFFECTS - ?
PLEASE RESPOND AS SOON AS POSSIBLE.
THANKING YOU,
CAclubindia
