accounting for replacement of assets
This query is : Resolved
Ravi Kumar Rajgaria
(Querist)
25 June 2010
One of the computer purchased in 2008 became useless and compnay replaced it in 2010 with brand new one without charging any rupee.
What will be the accounting entry and income tax treatment?
What will be the accounting entry and income tax treatment?
deepak K Gujrati
(Expert)
25 June 2010
Please see the original agreement of purchase. At the time of purchase the cost of replacement might have been defined.
If there is no cost, earlier and now also, the company may necessary entries in asset register only. There will not be any financial entry.
If there is no cost, earlier and now also, the company may necessary entries in asset register only. There will not be any financial entry.
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