There was a small shed in the Factory premises , depreciation (under 10% Block) was being claimed on the Shed till last year, but during the year the shed was permanently demolished. What will be the Accounting entry in this case?
Regards,
Devendra Kulkarni
The Journal Entry would be as follows:
Accumulated Depreciation Dr.
To Shed (Name of the asset) At Cost Price
If any Loss / Gain, then Debit / Credit the same.
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