In balance sheet a mobile is shown which has become redundant.
Now how to clear it from Books ?
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Block of assets
Replies (6)
Charge full amount of wdv as depreciation in book. however as per income tax charge depp rate applicable to computer till u have mobile phn unsold.
No treatment in block until asset sold.
Asset is Mobile and it was lost due to theft.
So what should be done now
If other assets remain in that block then dep on wdv including wdv of mobile, otherwise forget dep.
You can write it off in the books of account.
If Mobile was lost due to theft then you can write off it from books by creating a "Loss of Mobile Phone due to theft A/c" and you need to attached FIR of theft mobile phone as a proof.
If you do not file FIR, please file it as a safety point of view or misuse of it.
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