There is an opening balance of Cell Phone in the Depreciation statement for Rs.12000/- and that mobile is exchanged for Rs.3000/- in the current year for another mobile costing Rs.9000/-
In my deletions column what amount should i enter (Rs.12000/- or Rs.3000/-) and why??
JUST ADD 3000 IN ADDITIONS COLUMN LESS/MORE THAN 180 DAYS AS PER DATE OF EXCHANGE
But the cost of the new mobile is just Rs.9000/- as per bill...
AS PER WDV CONCEPT COA OF NE ASSET IS 3000
i didn't got u r question, if u want to say u exchanged by paying 3000 then following entry should be passed
new Mobile ( cell phone) .........................Dr 9000
Profit And Loss A/c.....................................Dr 6000
To Bank A/c 3000
To Old Mobile A/c 12000
if u exchanged without paying anything then
new Mobile ( cell phone) .........................Dr 9000
Profit And Loss A/c.....................................Dr 3000
To Old Mobile A/c 12000
can u please elaborate u r question
pls give more details of your question otherwise ans of evry 1 will be based on assumptions.
Give more factual data.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
CAclubindia
