Go AD-Free with CAclubindia Pro and get Daily WhatsApp Updates. Subscribe Now!

Depreciation issue assets wdv is less then 50

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 May 2017 Dear Experts,
in the block of 15% one asset WDV is 14 as on 1/4/2016 and in the block 60% one asset WDV is 24 as on 1/4/2016. pls tell me what should i do with these assets should i write these assets in debit side of profit & loss account by pssing following enties with its full value.... i.e.

Dep A/C Dr.... 14
To asset........14

Dep A/C Dr.....24
To asset........24

please clarify is it correct treatment or not..

Thanks
Ankita Bansal

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

25 May 2017 Please keep Re.1 as the value of the asset (till asset is existing) and treat the balance as depreciation.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

25 May 2017 sir you mean we can write the balance in debit side of profit & loss account by Re. 13 and Re. 23 like.....

Dep A/C Dr.... 13
To Asset.......13

Dep A/C Dr.....23
To Asset......23

And Re. 1, Re.1 have to left till assets is existing,

Pls tell me is it correct.....

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

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok