Fixed Asset Sale through SD & AA Module
Dear All,
While selling the fixed asset, carried out the following procedure. Is it correct?
In India, we need to pay excise. Due to this, the asset which is required to be sold, needs to be created as a material.
Following steps are carried out -
a) Material code created under Material Type Finished Goods with Sales View. Value of the asset which is to be sold is put in as a Standard Price.
b) For sale, created inventory of the Finished Goods ( which is created for the asset) by way of Initial upload.
Accounting Entry - Finished Goods -
Dr 25000
To Initial Upload -
25000
c) Now, through SD , created PGI i.e.Post Goods Issue.
Accounting Entry -
FG COGoods Manufactured -
Dr 25000
(Exp Account)
To Finished goods 25000
d) Billing Document Created
Accounting Entry -
Customer Account -
Dr 17996.16
To Sales Offsetting A/c 15000
To Cenvat Suspense 2400
To Cenvat Suspense 48
To Cenvat Suspense 24
To CST Payable 524
Excise Document Created
Cenvat Suspense A/c -
Dr 2472
To BED Payable 2400
To E.Cess Payable 48
To Hr E.Cess payable 24
e) Now carried out Asset Accounting Transaction
ABAON - Asset Sale Without Customer
Accounting Document created
Sales Offsetting Account -
Dr 15000
Loss on Sale of Asset Dr 9996
Accumulated Depre Dr 4
To Asset Account (sold asset) 25000
I m not sure on the initial upload & FG COGM effects. Whether I carried out correct process? Whether the accounting effects are correct?
Pl help. this is very urgent
Thanks in advance,
Gov.
Rakshith,
You are using Asset Sale Clearing Account for credit istead Non-valuated material. Your the Asset is your "stock material".
please also check:
Sale Of Fixed Assets from SD
Sales Order For Asset Sale
regards
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