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
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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
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