Accounting entry - Asset no more available

Dear Anil,

since the asset has been depreciated to a negligible amount i.e Re1  and thereafter the asset has been lost , probably stolen so in my opinion  this is a loss to the company and shall be debited to Profit and loss a/c.

loss of asset, though it is of very nominal amount, should be disclosed in the  financial statement at the end of the year

since the amount is not material . it need not be disclosed . it can be written off in the profit and loss account.

Accumulated Dep.....Dr

Loss on sale of assets ....Dr

Fixed Assets .....................Cr

This WDV of the asset may be zero but if the original acquisition cost is significant, disclosure is to be made in the notes too accounts for the loss of the asset.