Sale of Fixed Assets
This query is : Resolved
16 March 2009
Is it necessary for a company to pass a reversal entry in the books of accounts when the assets are sold.
For instance, sale of vehicle the following entry has been passed.
Depreciation reserve account dr
asset held for sale account dr
to Vehicles account
For instance, sale of vehicle the following entry has been passed.
Depreciation reserve account dr
asset held for sale account dr
to Vehicles account
16 March 2009
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