Treatment of depreciation on asset disposal
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 September 2011
A Fixed Asset was purchased for 100 last year on which accumulated depreciation at the beginning of year is 40/-. During the year 5/- was depreciated. Thereafter entire asset was sold for 14/-. How it will be presented in the Depreciation schedule?
Kindly show drawing a format.
In case you can't attach a template, pl tell me whether, -45/- (40+5) to be shown in current years depreciation adjustment (Main column Depreciation, Sub column Adjustment)? What will be gross block of Asset at the year end? Is it zero (100-1000)?
What will be depreciation balance at the year end? Is it zero (OB 40+Accumulation 5 - adjustment 45)?
What will be Net block at the year end?
Kindly show drawing a format.
In case you can't attach a template, pl tell me whether, -45/- (40+5) to be shown in current years depreciation adjustment (Main column Depreciation, Sub column Adjustment)? What will be gross block of Asset at the year end? Is it zero (100-1000)?
What will be depreciation balance at the year end? Is it zero (OB 40+Accumulation 5 - adjustment 45)?
What will be Net block at the year end?
26 September 2011
Well in the Fixed Asset Register, u r correct the Adjustment should be of the amount of Rs 100, The gross block at the end of the yr wud be Rs 1000
26 September 2011
Opening Prov for Dep. Rs 300
Add:- Depreciation of yr Rs 30
Less AAdjustment (Rs 45)
Closing bal of prov for dep. Rs 285
Add:- Depreciation of yr Rs 30
Less AAdjustment (Rs 45)
Closing bal of prov for dep. Rs 285
26 September 2011
Gross block of Asset Rs 900
less;- prov for dep. Rs 285
Net block of asset Rs 615
less;- prov for dep. Rs 285
Net block of asset Rs 615
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