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Fixed assets

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(Querist)
06 July 2013 I have one assets it's salvage value in mybooks of accounts is rs. 5,00,000 ,(5% of cost value ) but where it is we don't know so my director want to remove this assets from books of accounts so now my question is what is the journal entry should be passed in books of accounts ....
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
06 July 2013 Dr: Loss on asset
Dr: Provision for depreciation
Cr: Asset
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jitendra jain

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jitendra jain (Querist)
08 July 2013 OK, can i pass the below entry in current year ....

depreciation
to fixed assets

is ir right or not
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
08 July 2013 yes. for current year depreciation. you can pass the same

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