Sona Shalini (Chartered Accountant CS Final ) (82 Points)
20 June 2011There is an opening balance of Cell Phone in the Depreciation statement for Rs.12000/- and that mobile is exchanged for Rs.3000/- in the current year for another mobile costing Rs.9000/-
In my deletions column what amount should i enter (Rs.12000/- or Rs.3000/-) and why??
CA MAYANK WADHERA
(CA CS CMA(I))
(789 Points)
Replied 20 June 2011
JUST ADD 3000 IN ADDITIONS COLUMN LESS/MORE THAN 180 DAYS AS PER DATE OF EXCHANGE
Sona Shalini
(Chartered Accountant CS Final )
(82 Points)
Replied 20 June 2011
But the cost of the new mobile is just Rs.9000/- as per bill...
CA MAYANK WADHERA
(CA CS CMA(I))
(789 Points)
Replied 20 June 2011
AS PER WDV CONCEPT COA OF NE ASSET IS 3000
Rajnikant Vadigoppula
(CA, CS And CMA Final)
(919 Points)
Replied 20 June 2011
i didn't got u r question, if u want to say u exchanged by paying 3000 then following entry should be passed
new Mobile ( cell phone) .........................Dr 9000
Profit And Loss A/c.....................................Dr 6000
To Bank A/c 3000
To Old Mobile A/c 12000
if u exchanged without paying anything then
new Mobile ( cell phone) .........................Dr 9000
Profit And Loss A/c.....................................Dr 3000
To Old Mobile A/c 12000
Rajnikant Vadigoppula
(CA, CS And CMA Final)
(919 Points)
Replied 20 June 2011
can u please elaborate u r question
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 20 June 2011
pls give more details of your question otherwise ans of evry 1 will be based on assumptions.
Give more factual data.
CAclubindia
