Accounting entries for an asset destroyed during the year
This query is : Resolved
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22 July 2020
Hi Experts,
Pl. advise:
Accounting entries for an asset destroyed during the year:
Op. Gross Value as on 01Apr2019 – Rs. 1,00,000/-
Op. Accumulated Depreciation as on 01Apr2019 – Rs. 60,000/-
Asset destroyed due to accident on 31Jul2019
Scrap value realized Rs. 2000
Thanking you in anticipation
Ramesh
Pl. advise:
Accounting entries for an asset destroyed during the year:
Op. Gross Value as on 01Apr2019 – Rs. 1,00,000/-
Op. Accumulated Depreciation as on 01Apr2019 – Rs. 60,000/-
Asset destroyed due to accident on 31Jul2019
Scrap value realized Rs. 2000
Thanking you in anticipation
Ramesh
CA Ankith Jain
(Expert)
25 July 2020
Dr. Accumulated depreciation a/c (60,000)
Dr. Loss due to accident (38,000)
Dr. Cash (2,000)
Cr. Asset a/c (100000)
Message likes :
1 times
09 August 2020
I think proportionate depreciation should also be claimed for 2019-20....
Message likes :
1 times
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