28 August 2012
Dear All, We are going to write off few of our assets in accounts. These assets are very old one which may be before year 2000, and we could not trace them in our factory.
We would like to know that what will be the treatment in Central Excise should be given to this transaction, with respect to the payment of duty if any in this write off.
28 August 2012
you have already paid the duty while importing and this asset is capitalized with total amount paid..in that case nothing needs to be done ..just pass a simple journal entry to write off
Asset Write off ac debit accumulated ep ac debit dep ac debit to asset ac
CAclubindia
