Treatment of residual value

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Querist : Anonymous

Querist : Anonymous (Querist)

13 May 2015 Sir kindly guide me regarding the treatment of residual value of a plant when the plant is being dismantled during F.Y 14-15.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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13 May 2015 When a plant asset is sold, the Cash and Accumulated Depreciation accounts are always debited, and the Equipment account is credited. In the event there is a loss or gain from the sale, either the Loss on Disposal of Plant Assets or the Gain on Disposal of Plant Assets accounts will have an entry.
When the asset is dismantled for disposal Keep the residual value under current assets, dismantled assets for disposal. On sale account the gain or loss.

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Querist : Anonymous

Querist : Anonymous (Querist)

13 May 2015 Thankyou Sir, Can you please mention the Standard or forward a copy of expert opinion where the same has been mentioned regarding treatment of Residual value in case of Dismantling of plant.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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13 May 2015 See the link.
https://www.mca.gov.in/Ministry/notification/pdf/AS_10.pdf

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