Accounting treatment of an asset with zero book value
This query is : Resolved
16 July 2010
Hi,
What would be the accounting treatment in the following case ?
If the asset has zero book value but in perfect working condition.
Please also cite the relevant accounting standards that need to be followed.
Thanks,
Sai Krishna
What would be the accounting treatment in the following case ?
If the asset has zero book value but in perfect working condition.
Please also cite the relevant accounting standards that need to be followed.
Thanks,
Sai Krishna
16 July 2010
For fixed assets Accouting standard 10 need to be refer. Generally the Assets will be depreciated at 95% and balance 5% keep as salvage value.
If the asset 100% depreciated and still working condition, you can treat the present realisable vaule as book value
If the asset 100% depreciated and still working condition, you can treat the present realisable vaule as book value
17 July 2010
i think revaluation of fixed assets can be done.
17 July 2010
Get the technical evaluation done, value the FA and consider the value in accounts.
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
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
