debit accumulated depreciation
credit asset
expenses ac Dr
asset a/c
debit loss of assetscredit fixed asset account
[Debit] Accumulated Depreciation [Debit] Cash (if any) [Credit] Assets
Debit Accumulated Depreciation. Credit the appropriate Fixed Asset account for the originally capitalized amount. Note: Asset retired and donated.
debit cash / bankdebit accumulated depreciationdebit loss (if any)credit fixed asset accountcredit profit (if any)
When the Company decide to write off the fixed asset, the following entries will be passed:Dr. Accumulated DepreciationDr. Loss on Asset written off (if any)Cr. Fixed Asset ( at cost)The company would write off the fixed asset in the following circumstances:1) The company may write off the fixed asset, if the assets are no longer in feasible use.2) The fixed assets have been fully depreciated.In case 1 above, the company might incurred a loss on fixed asset written down if the net book value is > nil. Whereas, when the assets have been fully depreciated ( as in case 2), no losses will be incurred upon written off.
debit loss of assetscredit fixed asset account
Debit accumulated depreciationdebit loss on disposalCredit fixed asset account
journal entry to write off a loan
debit accumulated depreciationdebit loss on assetcredit fixed asset account
[Debit] Accumulated Depreciation [Debit] Cash (if any) [Credit] Assets
Debit Accumulated Depreciation. Credit the appropriate Fixed Asset account for the originally capitalized amount. Note: Asset retired and donated.
dr loss on asset retirement dr accumulated depreciation cr asset-server if sold cash would be debited and loss would be debited or gain credited
example suman moters of rs 10000 is write off then what is the entry
debit cash / bankdebit accumulated depreciationdebit loss (if any)credit fixed asset accountcredit profit (if any)
Debit bankCredit retained earnings
debit Retained earningscredit loan to company
Debit retained earnings / amortizationCredit goodwill account