writte off assets
This query is : Resolved
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.
17 May 2008
You have no option, if the asset is impaired, but to write it off.
19 May 2008
i could not understand this ans plz give me proper ans thanks a lot for prevoius ans
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.
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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