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.............
2 Replies
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.
Recent Topics
- Avoiding tax audit in case of intraday equity loss
- Form 3CEAB
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
Related Threads
CAclubindia
