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Fixed asset - write off entry

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sandeep (Querist)
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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.

HARI K V (Expert)
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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

CA SANJAY MUKHERJEE (Expert)
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27 October 2009 Agree with expert

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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27 October 2009 agree

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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27 October 2009 Your Entry Would be :-

Sale of Asset XXX
Loss of Asset Sale XX
To Asset XXX
(Sale of Asset with Loss )

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