Depreciation & fixed asset accounting
Querist : Anonymous
My query is,In balance sheet Fixed Assets are shown in historical cost & there is a depreciation fund account & WDV method is followed for depreciation calculation. In case of Block of assets sale amount should be deducted from WDV amount but while showing in balance sheet should we have to deduct cost price from fixed asset & depreciation portion from depreciation fund account?. what is the journal entry?
Journal entry is :
Depreciation reserve ac Dr
Profit/loss on sale of asset
To Fixed assest ac Cr
Querist : Anonymous
In the books of accounts profit or loss on sale of assets has to be accounted.
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