Fixed assets

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sanjeev (Querist)
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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

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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25 January 2018 No entry is required until the asset is disposed of through retirement, sale, salvage, etc.

sanjeev

sanjeev (Querist)
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27 January 2018 but if we not sales this assets for 2 yr after fully depreciated than how to show in book of accounts

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Roney

Roney (Expert)
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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.