Hi Retirement with Revenue with Customer : F-92 - With Customer Here the transaction comes like below.

If asset aquisatin value is-10000 Sale of asset value is -8000 Dr Customer a/c 8000 Cr Sale of fixed asset 8000 Cr Asset a/c 10000 Dr Acc.Dep a/c 500 Dr Sale of fixed asset 8000 Dr Loss on fixed asset 1500 (If it is gain then it goes to Cr)
Retirement with Revenue without Customer :ABAON Dr Sale of fixed asset 8000 Dr Loss on fixed asset 1500 Dr Acc.Dep a/c 500 Cr Sale a/c 10000 Cheers Srinivas

Dont maintain the material code in J1ID. If you have maintained this asset material code in J1ID, then leave blank field under "Declared".
Raghavendra Muc...
Posts: 141 Registered: 6/9/08

Re: Asset Sale

Posted: Oct 21, 2008 1:12 PM in response to:

Reply

Venkata Mahesh

Hai The folowing are the entries which reflets in asset accounting
1) First Asset Retirement W/O Customer must be done(ABAON) Sale of Asset A/C Dr (Sale Value Of Asset) Dep Reserve A/C Dr (Accumulated Dep) Loss On Sale Of Asset A/C Dr(If Loss) To Profit On Sale Of Asset A/C(If Profit) To Asset A/C (Acquisition Value) 2) Create asset as Material taking the material type as Non Valuated

Forum Points: 244

3) Create a sales Order 4) Billing

Customer A/C Dr To Sale Of Asset A/C (This is Knocking of W/R to First Entry) To Cenvat Suspense A/C(BED) To Cenvat Suspense A/C(CESS) To Cenvat Suspense A/C (SECESS) To VAT Or CST A/C 5) Excise Cenvat Suspense A/C Dr ED Payable A/C Cr Cess Payable A/C Cr SHECess Payable A/C Cr If Sale of Asset is Direct FI Entry Customer A/C Dr Dep Reserve A/C Dr Sale Of Asset A/C Dr Loss On Sale Of Asset A/C (If Loss) To Profit on Sale Of Asset (If Profit) To Sale Of Asset A/C To VAT Collection A/C To Asset A/C (Cr with asset acq.val)