In balance sheet a mobile is shown which has become redundant.
Now how to clear it from Books ?
6 Replies
sudip sharma
(article)
(734 Points)
Replied 26 December 2020
Charge full amount of wdv as depreciation in book. however as per income tax charge depp rate applicable to computer till u have mobile phn unsold.
Krishna Chaudhary
(Accountant)
(4531 Points)
Replied 26 December 2020
No treatment in block until asset sold.
Chahat Bansal
(226 Points)
Replied 26 December 2020
Asset is Mobile and it was lost due to theft.
So what should be done now
sudip sharma
(article)
(734 Points)
Replied 26 December 2020
If other assets remain in that block then dep on wdv including wdv of mobile, otherwise forget dep.
Divyam Agarwal
(Practicing Chartered Accountant)
(959 Points)
Replied 26 December 2020
You can write it off in the books of account.
Finwealthcare
(Financial Consultant)
(164 Points)
Replied 27 December 2020
If Mobile was lost due to theft then you can write off it from books by creating a "Loss of Mobile Phone due to theft A/c" and you need to attached FIR of theft mobile phone as a proof.
If you do not file FIR, please file it as a safety point of view or misuse of it.
Recent Topics
- Expire stock
- INCOME TAX AY 25-26
- Experienced CA firm for accounting & auditing
- Regarding Perquisite Tax on ESOP - Unlisted Compan
- Casual Taxable Person under GST
- Extended Date of GSTR-1 for the month of July 2020
- NRO Interest - Taxed at source and in Foreign Coun
- Clarity needed on effective date
- Income Tax Refund Deadline Shortened to Five Years
- Rectification Applications for Past GST Demands
Related Threads
CAclubindia
