SREEDAR (Sr.Manager Accounts) (64 Points)
24 June 2011Dear all,
we have the asset called venetian blinds which is now being worn out and removed for scrapping. Kindly let me know whether such asset should have to be removed from asset and transfered to scrap. Kindly explain the entries also.
Regards,
Sreedar.?S
CA Rajesh Keshri
(CA)
(175 Points)
Replied 24 June 2011
SREEDAR
(Sr.Manager Accounts)
(64 Points)
Replied 24 June 2011
HI THANKS IT MEANS, SALE OF SCRAP A/C. DR TO ASSET ACCOUNT.
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 24 June 2011
| Originally posted by : rajesh keshri | ||
 |
Disposal of assets a/c Dr To Assets A/c (assets transferred to scrap) |
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Aparna Raja K.C
(Student)
(520 Points)
Replied 24 June 2011
Is it a Fixed Asset? Assume asset value was 100,000/- ans scrap value is 5000/-
Well.. then the probable entry shall be :-
Loss on revalution Dr. 95000.00
Scraps Dr. 5000.00
To Asset A/c 100,000.00
(being transfer of asset to scrap a/s because of dimulsion in value of asset)
chaitanya cherukuri
(Articled Student)
(241 Points)
Replied 26 June 2011
chaitanya cherukuri
(Articled Student)
(241 Points)
Replied 26 June 2011
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
CAclubindia
