Depreciation
This query is : Resolved
02 September 2016
If W.D.V of Furniture remains just Rs 15, can we write it off in P&l A/c? Please explain its treatment with proper entry
02 September 2016
Yes, You can written off the asset by passing the following entry
P&L account Dr.
To Furniture A/c
(being Asset written off)
P&L account Dr.
To Furniture A/c
(being Asset written off)
02 September 2016
normally, the thumb rule is if WDV reaches a point which is 5% of the initial cost of the asset, then same may be written off, provided the economic life of the asset is over
02 September 2016
But you also think about materiality as the 15 Rs. amount is not material whether you write off it or not.
Thanks.
Thanks.
Message likes :
1 times
02 September 2016
absolutely right..... INR 15 is something......which, I dont know why the same has remained in the books.....
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?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Sale of property furniture sale
- RCM INVOICING FROM NOV-2024
- Tds on building rent monthly
- Darpan registration
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
