If I sale old fixed assets then what will be its entry passed.
In loss as well as in Profit condition. Plz. advised me with
example.
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if loss on sale
cash/ Bank a/c Dr.
P&L a/c ( if loss) Dr.
fixed assets Cr.
If loss on sale
cash / Bank a/c Dr.
P & L a/c ( profit) Cr.
Fixed assets Cr.
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Answer / sarat kumar kar
DABIT THE FIXED ASSTETS AND CREDITED THE SUM RECEIVRD AGAINST SELL OF OLD FIXED ASSETS
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