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we are selling a device for 6000 and the company want to
replace that device with a new device which is a bit more
than the prior price say 7000. how we can account this?
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Answer / ananth.r
First we need to write-off the old asset ( by reversing the
asset, accumulated depreciation and depreciation for the
current FY by Cr the Fixed asset Write-off and Dr
Proft/Loss on sale of asset under P&L account )
Next we can capitalised the new asset ( Dr. Asset Cr. Bank )
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paid Rs.500 to tax amount which was due for two months pass journal entries
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