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
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
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
CAclubindia
