Disposal of fully depreciated asset

Karax

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

anony123

I would highly recommend looking over the part exchange area.

davealucas

You will also need to write down the original fixed asset value and the depreciation value as well.

anony123

I can help you.

ahlem80

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.