Fixed Asets

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Avin Shettigar (Querist)
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04 February 2011 I have bought one car for Rs. 5,00,000. Every year i am charging depreciation under SLM. One day asset value become zero. But Asset is with me only. How to show the same in the books of account? What is the Journal Entry?

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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04 February 2011 disclosure to be made in notes of accounts.

C.A.Javid Patel

C.A.Javid Patel (Expert)
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04 February 2011 In the last year you passed entry for depreciation after deducting 1 re. i.e. your car in the books of account at re.1

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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04 February 2011 car will be fully write off in the books.
profit or loss should be charged to P/L a/c

Avin Shettigar

Avin Shettigar (Querist)
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04 February 2011 Thank you Sir

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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04 February 2011 you most welcome

C.A.Javid Patel

C.A.Javid Patel (Expert)
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04 February 2011 but profit or loss will arise in case where the assets is sold. in this case the assets is not sold

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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04 February 2011 IF WDV IS NIL THEN NO PROFIT OR LOSS SISTUATION(NO SALE OCCURED). ONLY DISCLOSURE OF ASSETS SHOULD BE SHOWN IN NOTES OF ACCOUNTS.

C.A.Javid Patel

C.A.Javid Patel (Expert)
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04 February 2011 according to me it should appear as re 1 in the books

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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04 February 2011 YES IN BALANCE SHEET, ASSETS MAY BE SHOWN BY RS.1 OR RS.100. BUT IF ASSETS IS NOT REMAINS FOR ACTIVE USE FOR COMPANY BUSINESS THEN ITS SHOWN ONLY IN NOTES OF ACCOUNTS.

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