30 November 2010
Sir, An old fixed asset whose WDV was equal to 5% of original value (no depreciation can be charged further) has been sold for profit and now returned back (rejected by buyer). what should be the treatment??
whether I increase original cost and accumulated depreciation or simply treat this return as new addition???
Also if I treat it as new addition, can I charge depreciation on it as it is new addition????
CAclubindia
