Fixed assets
This query is : Open
25 January 2018
Hi All,
Hi All,
Could you please explain what is the accounting treatment of fully depreciated asset which still use in business after fully depreciated and how to show in balance sheet.
journal entry and how to disclose in books of accounts?
Thanks
Sanjeev Kumar
Hi All,
Could you please explain what is the accounting treatment of fully depreciated asset which still use in business after fully depreciated and how to show in balance sheet.
journal entry and how to disclose in books of accounts?
Thanks
Sanjeev Kumar
KAVIRAJA ADDANGADI
(Expert)
25 January 2018
No entry is required until the asset is disposed of through retirement, sale, salvage, etc.
27 January 2018
but if we not sales this assets for 2 yr after fully depreciated than how to show in book of accounts
27 January 2018
Mr.Kaviraja is correct.
You don't have to pass an entry if the asset is in working condition and the entity is using it, the asset should be shown at its carrying value in books till its sold or removed from use.
You don't have to pass an entry if the asset is in working condition and the entity is using it, the asset should be shown at its carrying value in books till its sold or removed from use.
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