Hi All,
Could you please explain what is the accounting treament of fully depreciated asset which still use in business and how to show in balance sheet.
journal entry and how to disclose in books of accounts?
Thanks
Sanjeev Kumar
Menu
Treatment of fully depriciated asset
Replies (1)
On purchase of asset
Asset a/c Dr xxxx
To Bank xxxx
On depreciate the asset (100% based on materiality concept)
Depreciation a/c Dr xxxx
To assets a/c xxxx
Recent Topic
- Unrelated entries in AIS and Form 26as
- Payment to foreign national
- Internal reconstuction
- IDS Refund – Annexure B & GSTR-3B Match,
- Can i should STCG and LTCG as business income ?
- Capital contribution in Firm
- Form 3CD – Clause 20(b) | ESI Contribution &
- Capital Gains on Dissolution of Partnership
- GST Payment through DRC-03 by cash against notice
- Schedule EI for ITR1
Related Topics
CAclubindia
