Fixed assets

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This query is : Resolved

satish (Querist)

13 September 2012 DEAR SIR,

I HAVE PROPRIETOR SHIP FIRM,

I F.A. W.D.V. WAS AS ON 1.4.2012 RS. 15000 & SALE IN RS.20000 ORIGINAL VALUE WAS 32000/-

I MADE ENTRY

1 BANK 20000
TO F.A. 15000
TO PROFIT ON SALE 5000

2 F.A 17000
TO DEP. WRITTEN OFF 170000

IS IT CORRECT.
THANKS

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

13 September 2012 If you not provided depreciation earlier then the above entries correct. Otherwise i.e if you provided depreciation earlier and credited to FA at the time of providing of depreciation then second entry not required.

OM SAI SRI SAI JAI JAI SAI

satish

satish (Querist)

13 September 2012 SIR,

IN BOOKS EVERY YEAR F.A. CREDIT WITH DEPRECIATION VALUE. OPENING BALANCES COMING WITH W.D.V.

SO CAN I NO NEED TO MAKE 2ND ENTRY?
I HAVE TAKEN THE BENEFIT OF DEPRECIATION FORM ORIGINAL DATE. NO NEED TO REVERT OF DEPRECIATION VALUE...

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

13 September 2012 Yes, No need to revert the depreciation value. because it already claimed as loss i.e expenditure.

OM SAI SRI SAI JAI JAI SAI

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