Fixed assets
This query is : Open
25 January 2018
Hi All,
Hi All,
Could you please explain what is the accounting treatment of fully depreciated asset which still use in business after fully depreciated and how to show in balance sheet.
journal entry and how to disclose in books of accounts?
Thanks
Sanjeev Kumar
Hi All,
Could you please explain what is the accounting treatment of fully depreciated asset which still use in business after fully depreciated and how to show in balance sheet.
journal entry and how to disclose in books of accounts?
Thanks
Sanjeev Kumar
25 January 2018
No entry is required until the asset is disposed of through retirement, sale, salvage, etc.
27 January 2018
but if we not sales this assets for 2 yr after fully depreciated than how to show in book of accounts
27 January 2018
Mr.Kaviraja is correct.
You don't have to pass an entry if the asset is in working condition and the entity is using it, the asset should be shown at its carrying value in books till its sold or removed from use.
You don't have to pass an entry if the asset is in working condition and the entity is using it, the asset should be shown at its carrying value in books till its sold or removed from use.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Confusion around Form 26QB fields
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
Trending Online Classes
CAclubindia
