Accounting for Fixed Asset

This query is : Resolved

Raghunandana C K (Querist)
Follow

07 February 2011 Dear Sir,

I have one doubt in accounts. This doubt I am asking only academic point of view.

In an enterprise which is following the SLM method of depreciation. The Asset value as per the books has come to zero. But the assets are physically still exists. My doubt is how to account these assets in the books of account.

Thanks in Advance

C.A.Javid Patel

C.A.Javid Patel (Expert)
Follow

07 February 2011 you keepthem in the books by entering re. 1 value

Raghunandana C K

Raghunandana C K (Querist)
Follow

07 February 2011 Dear Sir,

Thanks and what is the entry passed in the bokks of account.

Fixed Assets A/c Dr 1
To ????

Thanks in Advance

C.A.Javid Patel

C.A.Javid Patel (Expert)
Follow

07 February 2011 To Profit & Loss a/c

Bcause all the dep you have w/o in p& l

Pankaj Gandhi Jaiswal

Pankaj Gandhi Jaiswal (Expert)
Follow

10 June 2011 CA Javid Patel is right....You are also advised to get valuation of these assets and recognize as per FA valuation accordingly revaluation reserve shall be, because financial statement should show true and fair picture

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Sharang Sanjay Mangalekar

saurabh sawlani

deepak

J.Vijai

Vivekanand Sagar

Subscribe Now

Accounting for Fixed Asset

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA