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How do you remove a completely depreciated fixed asset from your fixed asset accounts?
Debit Accumulated Depreciation and Credit the Fixed Asset account for the capitalized value; however, if you still own the asset, you should not remove it.
What is the journal entry when you have not fully depreciated as asset that no longer exists?
Debit accumulated depreciationdebit loss on disposalCredit fixed asset
If a longlived asset is not used for a productive purpose should it be classified as an investment?
It should appear on the Balance Sheet as a Fixed Asset and depreciated accordingly.
What is the journal entry to write off a partially depreciated asset that was donated?
Debit accumulated depreciationdebit loss on disposalCredit fixed asset account
Write off fixed asset entry?
When the Company decide to write off the fixed asset, the following entries will be passed: Dr. Accumulated Depreciation Dr. 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.
What asset is not depreciated?
land
What is the journal entry to write off a fully depreciated asset that was donated?
Debit Accumulated Depreciation. Credit the appropriate Fixed Asset account for the originally capitalized amount. Note: Asset retired and donated.
Fully depreciated asset?
Is an asset that has equalled its original cost
What is the difference between asset write off and asset disposal?
When an asset is damaged beyond repair and you scrap it, you write it off. It may or may not be fully depreciated at that time. If it's not fully depreciated yet, your amt for Fixed assets written off would equal to the net book value. When you write off an asset, you don't get any proceeds for it. When you dispose of an asset by selling it, you'd get some proceeds from the sale and you use this amt to calculate your gain or loss on sale of fixed asset.
When an asset is fully depreciated should the total accumulated depreciation for that asset be zeroed out?
After an asset is fully depreciated, the assets and accumulated depreciation accounts are zerod together in the beginning of the next accounting period. When an asset is fully depreciated but still operates in the company, accountants usually leave the asset and its accumulated depreciation accounts in the records even after it's fully depreciated and even through next periods, just to show that this asset still exists and operates.
In accounting do you depreciate the installation of a fixed asset?
In accounting the "installation" if you are referring to the cost of having something installed is an expense and is recorded as such, that is an operating expense and is recorded as such. Since it is an expense it is not an actual asset, so can not be depreciated.
Can an asset be depreciated to the point where its value becomes negative?
That can never happen. An asset will either be depreciated to its salvage value, or to zero, depending on whether or not it has a salvage value.
