Hi Friends,
Can somebody answer ? The Fixed Assets Schedule of an organisation as on 31st. March, 2011 shows a number of assets at very neglible values (asset schedule maintained on w.d.v. basis) (say values appearing are Rs. 57.48, Rs. 2.60, Rs. 100.50, etc.). The management decides to write off these assets completely for the F.Y. ended on 31st. March, 2012.
What entries are required to be passed in the books of account during the Financial Year 20111 - 2012 and how will it be treated in the P/L a/c and Balance Sheet for the F.Y. 2011 - 2012 ? Do we have to give it in the notes to the accounts ?
Thanks & regards.
CAclubindia
