02 May 2008
A company shifted itself to new premises.The assets of old premises appearing in accounts proved worthless.The company is neither in a position to sell these assets nor it is able to use them.How these worthless assets be treated in accounts??
03 May 2008
If you can sell the assets (even as scrap at nominal value ) you can get rid of it and can also book st capital loss. Otherwise also you can write off them in p&l as impairment loss (as asset carry no realisable value).
CAclubindia
