Fixed assets
This query is : Resolved
jitendra jain
(Querist)
06 July 2013
I have one assets it's salvage value in mybooks of accounts is rs. 5,00,000 ,(5% of cost value ) but where it is we don't know so my director want to remove this assets from books of accounts so now my question is what is the journal entry should be passed in books of accounts ....
CMA Ramesh Krishnan
(Expert)
06 July 2013
Dr: Loss on asset
Dr: Provision for depreciation
Cr: Asset
Dr: Provision for depreciation
Cr: Asset
jitendra jain
(Querist)
08 July 2013
OK, can i pass the below entry in current year ....
depreciation
to fixed assets
is ir right or not
depreciation
to fixed assets
is ir right or not
CMA Ramesh Krishnan
(Expert)
08 July 2013
yes. for current year depreciation. you can pass the same
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