If you are selling off your fixed assets (for example, furniture) which you do not trade in, you can record such sales in Tally.ERP 9. You can also adjust the profit or loss arising out of such sale using a journal voucher.
On this page
● Adjust Profit or Loss on Sale of Fixed Assets | Record Journal Vouchers
When you are selling the fixed assets, you can record a sales transaction in Tally.ERP 9. See more...
For example, the fixed asset was purchased for 5,00,000, and the depreciation was accounted as 4,60,000. The value of the fixed asset was 40,000. It was then sold for 50,000 (at a profit of 10,000).
1. Open the sales voucher screen.
a. Gateway of Tally > Accounting Vouchers > F8 (Sales).
b. Press Alt + I to select the Accounting Invoice mode.
2. Specify the buyer details.
a. Party A/c Name : Select Cash or Bank for cash sales. For credit sales, select the party name.
b. Party Details : Provide the Buyer details.
If you do not see the Party Details screen, press F12 (Configure), and set Enable supplementary details to Yes .
As always, you can press Ctrl + A to save and proceed.
3. Provide the fixed asset details.
● Select the fixed assets ledger grouped under Sales Accounts .
● Enter the amount.
4. Provide Narration , if needed, and accept the screen. As always, you can press Ctrl+A to save.
What you see on the screen can vary based on your choices. Press F12 (Configure) to change the options and F11 (Features) to enable or disable features.
Click here to see the possible F12 configurations for Sales Voucher.
|
Options |
Descriptions |
|
Enable supplementary details |
Invokes the Party Details screen, where you can enter Despatch , Order , and Buyer details. |
|
Allow separate buyer and consignee names |
Use this in case you need to deliver the goods to a location different from the buyer's address. This is applicable in case of consignment business. |
|
Use defaults for bill allocation |
Automatically allocate bill numbers as defined in the voucher type master, in ascending order. |
|
Use voucher no. as bill ref. no. for bill allocations |
Use the voucher number as the bill reference number during bill allocation. |
|
Provide additional description for ledger name |
Specify any additional description for the ledger during voucher entry. |
|
Warn if voucher number exceeds 16 characters |
Display a message when the voucher number is more than 16 characters. |
|
Use default values for bank details |
Use Bank Allocations with default allocations in which the Transaction type is Cheque and the voucher date is the Instrument Date. The Cheque Range and Cheque Number remain blank. |
|
Show turnover achieved with customers |
During voucher entry, display the turnover details from the customer/buyer. |
|
Allow modification of all fields during entry |
Modify all fields in the sales invoice. |
|
Warn on negative stock balance |
When there is insufficient stock during sales entry, a warning message of negative stock with quantity details appears. |
To print the invoice, press Alt+P (Print) and press Enter .
This sale value will appear in the trading account and Sales Register .
Record sale of fixed assets in journal voucher
1. Gateway of Tally > Accounting Vouchers > F7 (Journal).
2. Debit the party ledger.
3. Credit the sales ledger.
4. Accept the screen. As always, you can press Ctrl+A to save.
The values of such transactions will appear in the relevant reports.
After recording the sale of fixed assets, you can transfer the amount from sales ledger to fixed assets ledger and account for the profit or loss.
In this section
● Account for profit on sale of fixed assets
● Account for loss on sale of fixed assets
You can account for the profit made on sale of fixed assets using income ledger. See more...
For example, the value of the fixed asset after depreciation is 40,000. You have sold it for 50,000. You can transfer 40,000 to fixed assets account and 10,000 to income account.
1. Gateway of Tally > Accounting Vouchers > F7 (Journal).
2. Record the transaction.
a. Debit the sales ledger and enter the sale value.
b. Credit the fixed assets ledger and enter the asset value.
c. Credit the indirect incomes ledger. The amount (profit) appears automatically.
3. Accept the screen. As always, you can press Ctrl+A to save.
The values of such transactions will appear in the relevant reports.
You can account for the amount of loss incurred on sale of fixed assets using expense ledger. See more...
For example, the value of the fixed asset after depreciation is 50,000. You have sold it for 40,000. You can transfer 50,000 to fixed assets account and 10,000 to expense account.
1. Gateway of Tally > Accounting Vouchers > F7 (Journal).
2. Record the transaction.
a. Debit the sales ledger and enter the sale value.
b. Debit the indirect expense ledger, and enter the amount (loss).
c. Credit the fixed assets ledger. The asset value appears automatically.
3. Accept the screen. As always, you can press Ctrl+A to save.
The values of such transactions will appear in the relevant reports.
'Sale of Fixed Assets | Tally.ERP 9' has been shared with
