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Discussion

CA-CPT
(1)

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A machinery of Rs. 1,70,000 was sold on 30 September, 2016 for which brokerage of Rs. 10,000 was paid to agent. The machinery had been purchased for Rs. 3,00,000 on 1 April, 2014 and installation charges of Rs. 20,000 had been paid. The depreciation had been charged since that date @ 20% p.a. on straight line basis every year on 31 March. The entry at the time of sale will be:

 
Particulars Debit Credit
Cash a/c 1,60,000
Loss on sale of machinery a/c 10,000
To machinery a/c 1,70,000
Particulars Debit Credit
Cash a/c 1,70,000
To machinery a/c 1,70,000
Particulars Debit Credit
Cash a/c 1,60,000
To machinery a/c 1,60,000
Particulars Debit Credit
Cash a/c 1,60,000
To machinery a/c 1,50,000
To profit on sale of machinery a/c 10,000
Particulars Debit Credit
Cash a/c 1,60,000
Loss on machinery a/c 1,60,000
To machinery a/c 3,20,000

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Pardeep Garg

Cash received 1,60,000 after deducting commission
rnValue of machinery in books as on 30 sept 2016 1,50,000 after charging depreciation for 2.5 years of Rs 1,50,000
rnnet profit on machinery= 10,000

Rajeev Mongia

The machinery has total cost of Rs.3,20,000. It has been used from 1 April, 2014 to 30 September, 2016 i.e. 2.5 years. So depreciation @20% has been Rs. 1,60,000. So present value is 3,20,000-1,60,000 i.e. Rs. 1,60,000. The net selling price after subtracting brokerage is Rs. 1,60,000. Thus there is no profit, no loss

Jagmohan

Dep wrong charged