Disposal of fully depreciated asset

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Karax
Karax Registered Posts: 11 New contributor 🐸
edited June 18 in General member discussion
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

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  • anony123
    anony123 Registered Posts: 556 Epic contributor 🐘
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    I would highly recommend looking over the part exchange area.
  • davealucas
    davealucas Registered Posts: 158 Dedicated contributor 🦉
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    You will also need to write down the original fixed asset value and the depreciation value as well.
  • anony123
    anony123 Registered Posts: 556 Epic contributor 🐘
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    I can help you.
  • ahlem80
    ahlem80 Registered Posts: 3 New contributor 🐸
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    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.


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