Accounting entry for fixed asset

Many Fixed Assets are carring Value is showing Residual value for last 2 years.Now no amount can be get from that FA.that one is totally useless.Now we want to close that balance from books.Can I pass Following Entry.

 

Fixed asset witten off A/c                     DR                   XX(residual value)

Accumalated Depreciation A/c             DR                  XXX

        TO Fixed Assets    A/c                                                                               XXXX

Replies (2)

If you have not received any cash aginst it then, write off the remaining amount (Undepreciated) as Loss. JV is as follow:

Loss amt        Dr.20

Acc. Dep amt Dr.80

 to Fixed Asset Cr,     100

you situation is retirement of asset. so your entry is correct Mr.VIGNESH. 

WE NEED TO RECOGNISE AT NET REALISABLE VALUE.

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