Old Fixed Asset Sold the Returned Back
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 November 2010
Sir,
An old fixed asset whose WDV was equal to 5% of original value (no depreciation can be charged further) has been sold for profit and now returned back (rejected by buyer). what should be the treatment??
whether I increase original cost and accumulated depreciation or simply treat this return as new addition???
Also if I treat it as new addition, can I charge depreciation on it as it is new addition????
An old fixed asset whose WDV was equal to 5% of original value (no depreciation can be charged further) has been sold for profit and now returned back (rejected by buyer). what should be the treatment??
whether I increase original cost and accumulated depreciation or simply treat this return as new addition???
Also if I treat it as new addition, can I charge depreciation on it as it is new addition????
30 November 2010
Reverse the sales entry. keep the assets in original value, ie.,book value before such sale took place.
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