Fixed asset - write off entry
This query is : Resolved
27 October 2009
HI,
We have disposed the assets of our branch.
But as per TB Fixed asset is showing balance of 1000.00
How to write it off with proper accounting effect.
We have disposed the assets of our branch.
But as per TB Fixed asset is showing balance of 1000.00
How to write it off with proper accounting effect.
27 October 2009
Debit the Loss on Sale of Fixed Asset and credit the Asset. This entry wud be correct if u ve passed the earlier entries correctly on the Sale of the Fixed Asset.
CA SANJAY MUKHERJEE
(Expert)
27 October 2009
Agree with expert
27 October 2009
agree
Murtaza I Bhagat
(Expert)
27 October 2009
Your Entry Would be :-
Sale of Asset XXX
Loss of Asset Sale XX
To Asset XXX
(Sale of Asset with Loss )
Sale of Asset XXX
Loss of Asset Sale XX
To Asset XXX
(Sale of Asset with Loss )
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