writte off assets

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sachin saxena (Querist)
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17 May 2008 we have purchased a fixed assets of Rs 1000000.00 . before 3 year. but now it has been srap. what should i do in books of accounts. it value of rs 400000.00 in the books. if i writte of full amt firm will show loss. plz tell me correct treatment of accounting to writte off.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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17 May 2008 You have no option, if the asset is impaired, but to write it off.

sachin saxena

sachin saxena (Querist)
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19 May 2008 i could not understand this ans plz give me proper ans thanks a lot for prevoius ans

CA. Yayati Tyagi

CA. Yayati Tyagi (Expert)
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19 May 2008 better if u could sold the asset even at scrap value. by doing this u can book short term loss and avail tax benefit.

as far accounting is concerned, gain/loss on sale of asset is considered exceptional gain/loss and shown after net profit in p&l.

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