Writing off capital goods in accounts
This query is : Resolved
28 August 2012
Dear All,
We are going to write off few of our assets in accounts. These assets are very old one which may be before year 2000, and we could not trace them in our factory.
We would like to know that what will be the treatment in Central Excise should be given to this transaction, with respect to the payment of duty if any in this write off.
Regards,
Gaurav G Badwe
We are going to write off few of our assets in accounts. These assets are very old one which may be before year 2000, and we could not trace them in our factory.
We would like to know that what will be the treatment in Central Excise should be given to this transaction, with respect to the payment of duty if any in this write off.
Regards,
Gaurav G Badwe
28 August 2012
you have already paid the duty while importing and this asset is capitalized with total amount paid..in that case nothing needs to be done ..just pass a simple journal entry to write off
Asset Write off ac debit
accumulated ep ac debit
dep ac debit
to asset ac
Asset Write off ac debit
accumulated ep ac debit
dep ac debit
to asset ac
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- TAN for Partnership
- Sales return eway bill
- Treatment of Pension ?annuity returns on PMVY
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Specified Profession
- Last year TDS Claim
- TDS related Query_Liquidated Damages
- STCG FOR GOLD ETFs
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
