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.
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?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Capital gain consideration
- 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
