I am trying to retire fixed assets that have fully depreciated. Can I retire it by scrapping

vinod kumar reddy

• Nov 15th, 2018

If any fixed asset which is not generating revenues can retire by the following way: First it should be written off by providing full depreciation and charge to profit and loss a/c For example if as...

Venugopalnair_s

 Profile Answers by Venugopalnair_s Questions by Venugopalnair_s

• Jun 25th, 2008

Yes, by scrapping the same Asset.

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Which are the methods of depreciation?

vinod kumar reddy

• Nov 15th, 2018

Types of depreciation methods:

Straight line method
Diminishing balance method
Sinking method
Annuity method
Sum of years method

Ashrita sahoo

• Nov 2nd, 2011

SLM method & WDV method

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How to determine whether an expense is an asset or not? When you receive an invoice that shows that the company has purchased a tool or something, what makes you think this thing is an asset or it's an expense. Is it the price of it or what?

vinod kumar reddy

• Nov 15th, 2018

The expenses are of two of two types capital expenses revenue expenses The expenses which increases the earning capacity of asset are called capital expenses and it should be added to fixed asset c...

vijay saxena

• Nov 8th, 2014

Expenses who is spend on assets to increase the life of assets that type of expenses called capitalistic expenses and this expenses are reward as more than one year

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sai

• Jan 9th, 2018

Well Explained.

Jyoti WADHWA

• Dec 20th, 2017

We are implementing AM in our organization. Earlier accounting entries in AP module use to db expense a/c and credit AP control a/c and on payment, db AP control a/c and credit bank. but bo...

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what is the current rate(%) of PF and ESI in private ltd. companyI have needed for my Current JobThanks & rgds.Rajesh

Indrajit soren

• Apr 18th, 2017

I am working in two companies, Can I use same EPF and ESI account deposits. Please Help.

Anil prajapati

• Dec 22nd, 2016

Akanksha, what should we do when employee salary is 20000?

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what are direct and indirect tax? what do you mean by appreciation of assets? Explain with an example

Priyabrata

• Jan 30th, 2017

We have to capitalise the transport cost as well if its new set up of machinery.

local transporting charges from Islamabad to gilgi

• Mar 11th, 2015

Should not capitilize just operating exp.

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What action do we need to take, if assets is not Captilased last year and request has come after year end books closed (FY June to May) in July month of next year.

What is fixed asset reconciliation? Why do we prepare fixed asset reconciliation?

Rupesh

• Dec 28th, 2016

We Prepared the fixed asset reconciliation just to get the information whether depreciation has been properly charged or not, whether the addition of new asset to the particular accounts is justifiabl...

Madhu

• Nov 23rd, 2016

Fixed assets are those assets which are purchased for long term use and those assets cannot be converted into cash very quickly.

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How to transfer asset work in progress to capital ?

Pankaj JIndal

• Feb 10th, 2015

The conveyance of something of value from one person, place, or situation to another

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Can Loading, Unloading and Installation Charges during the time of shifting of the company be capitalised?

Laukesh chaudhary

• Dec 29th, 2014

As per As 10 issued by ICAI till the time of asset put to used all exp are booked as the asset . In same nature for which such type of operating exp done.

After asset put to use the exp on asset are capitalized only inf increased the life of asset

hellomanishsharma

 Profile Answers by hellomanishsharma Questions by hellomanishsharma

• Jun 9th, 2010

Loading, Unloading and Installation Charges during the time of shifting of the company cant be capitalised as such these Expenses are of (Opex) Operating Expenses nature.

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What is asset book and what are the mandatory setups for this & what are the validation types in Fixed assets?

Laukesh Choudhary

• Dec 29th, 2014

Asset other than the current asset asset is Fixed asset. Current asset are the asset which are converted into cash or sale within One year max.

kamal

• Jul 11th, 2013

Fixed asset is which ever item is not transferable into cash easily is nothing but fixed asset

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What is capitalisation of Fixewd Assets? explain with Example?

Rashmikanta Sahoo

• Oct 30th, 2013

Capitalization means to add the value with WDV of the assets . Here value means the expenditure incurred related to the assets, increase the capacity of assets and it also related to expenditure for...

krishnahr13

 Profile Answers by krishnahr13 Questions by krishnahr13

• Jun 28th, 2010

If a company purchase plant & machinery for its factory use by investing large amount of money and assume that expected life of P&M is 10 years and which generates revenve for the co...

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Can start up costs associated with getting a new location up and running within your business be capitalized even though they are non-capital items?

Divakar B

• Nov 28th, 2012

As per Accounting standard 16 specified by ICAI , Borrowing cost, Interest cost even though non capital in nature which must be capitalized if they incurred for acquisition of Qualifying capital asset...

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Hanumantharaya.D

• Nov 27th, 2012

Loans & advance shown on the asset side of the balance sheet because this is assets now that why we are shown in the asset side of the balance sheet.

santosh kumar

• Aug 1st, 2011

Loans and advance showing in asset side in BS

Loans and advances is an repayable item to the company so its shown in asset side in BS

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If we do why it would not appreciate in value?

Aditya

• Aug 12th, 2011

Depreciation refers to decrease in the value of assets due to fear of obsolete and use, in-fact most of the assets have limited useful life. but there are some examples like land value of which almos...

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What is Asset life cycle?

huzefa

• Aug 8th, 2011

The FA cycle is -
1. Procurement
2. Deployment
3. Usage / Consumption
4. Upgradation
5. Disposal.

These are the stages of a Fixed asset.

huzefabhori

 Profile Answers by huzefabhori Questions by huzefabhori

• Nov 8th, 2010

The Asset Lifecycle contains the following:1. Procurement of the asset.2. Deployment of asset.3. Use of Asset.4. Upgrading the asset if required.5. Decommissioning the asset6. Disposal or salvage of asset.

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anoop singh

• Aug 8th, 2011

WDV method is better method to calculate depreciation. In initial years cost of product reduced more and WDL record depreciation higher in initial years.

Sohaib Abbas

 Profile Answers by Sohaib Abbas Questions by Sohaib Abbas

• Mar 25th, 2011

A.A?We can decided which method of deprecation is best on the basis of usefulness (benefits) provided by the asset.When we prefer SLM:-we preferred SLM where the equal amount of ?benefit is derived ...

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If an Asset is classed as IDLE and has not been used in years but continues to depreciate is the accounting treatment to dispose of asset/write it down to a saleable value/stop depreciating it and keep it on the books, even although the asset would still be held within the company.For example a old machine thats to big to move but will still be held at the factory.

hellomanishsharma

 Profile Answers by hellomanishsharma Questions by hellomanishsharma

• Jun 9th, 2010

There are 2 types of Fixed Assets:Tangible fixed assets:  Tangible assets are those that have a physical substance and can be touched, such as Land, Building, furniture & Fixture, Plant &...

Ravindar554

 Profile Answers by Ravindar554 Questions by Ravindar554

• Sep 13th, 2008

There are 3 types of Fixed Asset:-1- Capitalized Assets2- CIP Assets3- Group Assets

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What are the changes caused by changes made on depreciation rate on the opening balance of the current financial transaction?