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)?