Dear Experts,
There are lot of assets purchased during 2003/2004 etc and as on 31.3.21 the wdv of the assets is below 5000/-. It is also not possible to physically verify these assets and their location whether these assets exist now or not. Can we straightaway write off these assets from Balance sheet and charge them to p&L during the accounting year 21-22 to clean up the balance sheet. Ours is a public charitable institution where companies act does not apply.
what is the accounting treatment to be given and what precautions to be followed.
Please advice.
CAclubindia
