Disposal of fully depreciated asset
Karax
Registered Posts: 11 New contributor 🐸
I need some clarification on how to dispose fully depreciated asset.
To reduce the book value to zero do I need to CR fixed asset ( balance sheet) and DR accumulated depreciation (p&l) ?
One of the examples - we bought a car for £24,000 that is now fully depreciated. We sold it last month for £10,000. The payment had been posted to profit/loss on disposal
To reduce the book value to zero do I need to CR fixed asset ( balance sheet) and DR accumulated depreciation (p&l) ?
One of the examples - we bought a car for £24,000 that is now fully depreciated. We sold it last month for £10,000. The payment had been posted to profit/loss on disposal
0
Comments
-
I would highly recommend looking over the part exchange area.0
-
You will also need to write down the original fixed asset value and the depreciation value as well.0
-
I can help you.0
-
I would like to enquire whether I am able to issue this report (INDEPENDENT ACCOUNTANT REPORTS - IAR ) for one of my clients under my current AAT licence.
0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 325 NEW! Qualifications 2022
- 160 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 56 AAT Level 3 Diploma in Accounting
- 95 AAT Level 4 Diploma in Professional Accounting
- 8.8K For accounting professionals
- 23 coronavirus (Covid-19)
- 273 VAT
- 92 Software
- 274 Tax
- 138 Bookkeeping
- 7.2K General accounting discussion
- 202 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 582 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership