Can anybody tell me the exact accounting entry for assets write off?
What would be the impact on depreciation in case of write off?
Should I write off the accumulated depreciation for the asset which I am writing it off?
Please clarify.............
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Assets write off
Replies (2)
Yes, you are required to write off accumulated depreciation also for the asset written off.
Accounting entry will be:
Accumulated dep A/c Dr.
Loss on assets written off Dr.
To Fixed Assets A/c.
Thanks for the reply.
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