Sale of Assets to Parent company

This query is : Resolved

Prasanna Bhat (Querist)
Follow

08 July 2009 We are selling our companies assets at book value to our parent company in india.

Kindly let me know what is the entry to be passed for making accumulated deprecation as nil.

UMA SHANKER SHARDA

UMA SHANKER SHARDA (Expert)
Follow

11 July 2009 If you are showing accummulated depreciation as depreciation reserve in liabilities side, than u need to pass entry, otherwise sale the assets at wdv and pass the following entry :
Debit buyer
Credit Assets
The accummulated dep shall be shown as adjustment in fixed assets schedule to make it NIL

Prasanna Bhat

Prasanna Bhat (Querist)
Follow

11 July 2009 Sir,

My question is that we have decided to sell the assets as book value to our parent company and accumulated depreciation is shown in the liability side tell me what entry to be passed

as per my knowledge the first entry need to be passed is debit our parent company and credit fixed assets & iam not clear abt the entry to be passed to knock of accumulated depreciation kindly resolve

Prasanna Bhat

Prasanna Bhat (Querist)
Follow

13 July 2009 Sir,

My question is that we have decided to sell the assets as book value to our parent company and accumulated depreciation is shown in the liability side tell me what entry to be passed

as per my knowledge the first entry need to be passed is debit our parent company and credit fixed assets & iam not clear abt the entry to be passed to knock of accumulated depreciation kindly resolve

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

01 July 2023 "Sorry, I am not a featured member."

For featured members contact....

https://www.caclubindia.com/catalogue/featured.asp

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Srikanthan S

Jayanti Visani

Vishal Dave

Ahamed Kabeer

svgovindaraju

Subscribe Now

Sale of Assets to Parent company

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA