Can anybody tell me the exact accounting entry for assets write off?
What would be the impact on depreciation in case of write off?
Should I write off the accumulated depreciation for the asset which I am writing it off?
Please clarify.............
Shrilakshmi Raj (CA) (81 Points)
22 June 2009Can anybody tell me the exact accounting entry for assets write off?
What would be the impact on depreciation in case of write off?
Should I write off the accumulated depreciation for the asset which I am writing it off?
Please clarify.............
CA. Rashi Goyal
(Chartered Accountant)
(512 Points)
Replied 22 June 2009
Yes, you are required to write off accumulated depreciation also for the asset written off.
Accounting entry will be:
Accumulated dep A/c Dr.
Loss on assets written off Dr.
To Fixed Assets A/c.
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