Sale of fixed assets in case if some assets exist in block.
For example:
Opening value of block of P&M (15%) =392,700
One of P&M sold for Rs.350,000/- of which WDV is Rs.361,250/-
What is the Treatment of Depreciation and capital gains/loss
1.In Partnership Business
2.In Company
In case of company-
depreciation will charged on closing WDV (392700-350000=42700).
In case of partnership-
Depreciation will charged on (392700-361250=31450) And loss will booked for (361250-350000=11250)
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