Sale of an asset on account of depreciation, accounting, Basic Statistics

Write a short note on Sale of An Asset on account of Depreciation.

Ans. An asset can be sold anytime before or after its useful life estimated time, in case the asset is sold more than its existing written down value it will be a case of profit and opposite to it if the sale is less the existing book value of the asset than it will be case of purely loss, whiter there is loss or profit the both will be entered into the profit & Loss Account. In case of Profit the Profit & Loss Account will be credit and if loss is there then the Profit and Loss Account will be debited.
Posted Date: 3/26/2012 1:03:29 PM | Location : United States

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