Laptop damaged.
This query is : Resolved
30 June 2012
DEAR FREIND,
WE HAVE PURCHASED LAPTOP 3 YEARS BEFORE, NOW IT IS COMPLETELY DAMAGED AND NON REPAIRABLE. I HAVE COST OF ASSETS AND ACCUMULATED DEPRECIATION. PLZ, SUGGEST ME FURTHER TREATMENT IN THE BOOKS OF ACCOUNTS AND ADJUSTMENT IF ANY FOR INCOME TAX.
WE HAVE PURCHASED LAPTOP 3 YEARS BEFORE, NOW IT IS COMPLETELY DAMAGED AND NON REPAIRABLE. I HAVE COST OF ASSETS AND ACCUMULATED DEPRECIATION. PLZ, SUGGEST ME FURTHER TREATMENT IN THE BOOKS OF ACCOUNTS AND ADJUSTMENT IF ANY FOR INCOME TAX.
30 June 2012
The block of asset does not come to ZERO i.e.END. So the left over cost i.e. WDV of LAPTOP shall be booked as short term capital loss under income tax and 'loss on extinguishment of asset' in Accounts. Both the amounts are SAME.
30 June 2012
THANK YOU SIR!!!
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