Fixed Asets
This query is : Resolved
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?
04 February 2011
disclosure to be made in notes of accounts.
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
04 February 2011
car will be fully write off in the books.
profit or loss should be charged to P/L a/c
profit or loss should be charged to P/L a/c
04 February 2011
Thank you Sir
04 February 2011
you most welcome
04 February 2011
but profit or loss will arise in case where the assets is sold. in this case the assets is not sold
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.
04 February 2011
according to me it should appear as re 1 in the books
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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