Journal Entry
This query is : Resolved
Prasanna Bhat
(Querist)
03 September 2009
Sir,
What is the journal entry for writing of fixed asset which has suffered depreciation. pls reply ASAP
What is the journal entry for writing of fixed asset which has suffered depreciation. pls reply ASAP
03 September 2009
Fix Asset Cr
Dep Dr
and
P&L Dr
Dep Cr
Dep Dr
and
P&L Dr
Dep Cr
Prasanna Bhat
(Querist)
03 September 2009
Sir,
I understood the first one like credit the fixed asset and debit depreciation but second one debit the expenses in p&L? and credit what?
Thanks,
I understood the first one like credit the fixed asset and debit depreciation but second one debit the expenses in p&L? and credit what?
Thanks,
03 September 2009
Please draw up the depreciation ledger to understand it the best. It would have better if I could show you the ledger. Please let me know if you are still not clear.
Prasanna Bhat
(Querist)
04 September 2009
Sir,
I will explain the scenario we had purchased asset for 25k in 2007 and we follow straight line method it has suffered depreciation of rs. 16,972/- till 31st July 09. As the management has decided to write off the asset what will be journal entry . My belief is
debit accumulated depreciation xxx
credit fixed asset xxx
Debit P&L A/c
credit Depreciation.
Kindly resolve
I will explain the scenario we had purchased asset for 25k in 2007 and we follow straight line method it has suffered depreciation of rs. 16,972/- till 31st July 09. As the management has decided to write off the asset what will be journal entry . My belief is
debit accumulated depreciation xxx
credit fixed asset xxx
Debit P&L A/c
credit Depreciation.
Kindly resolve
Aditya Maheshwari
(Expert)
06 September 2009
Accumulated Dep A/c Dr
Loss on sale of asset Dr
to Asset A/c.
Loss on sale of asset Dr
to Asset A/c.
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