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That really depends, I think more information is required to answer the question.
Can you explain what happened the the asset and what kind of asset it is specifically? Yes - a loan made some years ago will not be paid back. How do I record the `loss` in the annual balance?
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∙ 15y ago
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What is the journal entry to write off goodwill?
Debit retained earnings / amortizationCredit goodwill account
What is the Journal entry to write off a goodwill explain the entry?
To write off goodwill, you debit the goodwill account and credit the accumulated impairment loss account. This entry reduces the value of goodwill on the balance sheet to its recoverable amount. Goodwill is typically tested for impairment annually or whenever there are indicators of potential impairment.
What is the journal entry to charge-off a loan?
journal entry to write off a loan
Which is the journal entry to write off an investment?
example suman moters of rs 10000 is write off then what is the entry
Journal entry to write off old outstanding checks?
Debit bankCredit retained earnings
What is the journal entry to write off a loan to a company?
debit Retained earningscredit loan to company
What is journal entry to write off note payble?
Debit notes payableCredit cash /bank
What is the journal entry to write off financing costs?
Debit amortization of financing costCredit financing cost
What is the journal entry to write off patent?
debit retained earnings/cash / bankcredit patent account
What is the general ledger Journal entry for missing stock to write off?
debit owners equitycredit purchases
Journal entry to write off payroll outstanding checks?
Debit bank accountCredit retained earnings
What is the journal entry to write off an asset was damage or lost?
debit loss of assetscredit fixed asset account
