AA-47 Accounting for Damaged Equipment Sold

My Videos (Accounts Officer ) (677 Points)

09 January 2024  
All Respected Members,

please educate me on following:

suppose I purchased an laptop and record it as fixed assets. During same year, it was damaged and I had to sell it as scrap. How can we record in accounting ?

For Example: Purchasing price were Rs.20k but sold it as scrap Rs. 4k.

Please share journal entries.

Thanks in advance for your precious time and efforts to reply this query.