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How do I write off a fixed asset? - Questions & Answers ...

www.accountingtools.com/questions-and-answers/how-do-i-write-off-a-fixed-asset.html

Nov 7, 2010 ... A write off involves removing all traces of the fixed asset from the balance sheet, ... If the asset is fully depreciated, that is the extent of the entry. ... The second scenario arises when you sell an asset, so that you receive cash ...

What is the accounting for a fully depreciated asset? - Questions ...

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May 17, 2012 ... A fixed asset is fully depreciated when its original recorded cost, less ... and is fully depreciated, there is no additional accounting entry at all. ... How do I write off a fixed asset? ... There are no comments for this journal entry.

Accounting Procedure for Taking Assets off the Books | Business ...

yourbusiness.azcentral.com/accounting-procedure-taking-assets-off-books-21928.html

Following the write-off, no part of the asset's cost or depreciation remains on the ... Is the Entry to Remove Equipment That Is Sold Before it Is Fully Depreciated?

What Happens to a Depreciated Item When It Is Fully Depreciated ...

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A fully depreciated asset can have an accounting value of zero, but that hardly ... of $45,000 after one year, but if the company chose to sell it, it might get only $35,000. ... The company can't revalue or "write up" the book value of the asset.

Fixed Assets Journal Entries | Double Entry Bookkeeping

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Jan 6, 2016 ... A quick reference for fixed assets journal entries, setting out the most ... To remove a fully depreciated asset ... Asset write off journal entry ...

Disposal of Fixed Assets | Journal Entries | Examples

accountingexplained.com/financial/non-current-assets/disposal-of-fixed-assets

Disposal of fixed assets is accounted for by removing the cost of the asset and the related accumulated depreciation from balance sheet, recording ... the asset to another party or when the asset is no longer operational and is disposed off. ... When a fixed asset is sold for an amount higher than its carrying amount at the date ....

Disposal of Fixed Assets - What are the Journal Entries? | Double ...

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Net Book Value = Original Cost – Accumulated Depreciation. In this example the net book value is equal to ... Disposal of Fixed Assets Journal EntryWrite Off ...

Is there any tax effect when a fully depreciated asset is sold or taken ...

www.quora.com/Is-there-any-tax-effect-when-a-fully-depreciated-asset-is-sold-or-taken-off-of-the-books

Fully depreciated means that aggregate tax deductions (taken over the course of ... for calculating year end depreciation and passing the journal entry to a sec.

Disposal of Fixed Asset | Aplos Software

www.aplos.com/blog/p/1564/fund-accounting/disposal-fixed-asset/

Aug 7, 2012 ... This blog shows you the journal entry to dispose of a fixed asset with ... that asset has outlived its usefulness, how do you get the asset off your books? It's important to track the asset and the method of disposal (sold, ... This may happens when the asset is not fully depreciated and no cash is exchanged.

Our machines are fully depreciated, but we still use them! What shall ...

www.ifrsbox.com/machines-fully-depreciated-still-in-use/

Did you find out that your company uses lots of fully depreciated assets? ... I understand that depreciable amount of an asset is arrived at after deduction of residual value. ... means that you are going to use the asset in the production process and not sell it to ... In your excel illustration, you wrote the journal entry for 20Z5;

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Fixed Asset Disposal Accounting - AccountingTools

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If the asset is fully depreciated, then that is the extent of your entry. ... situation is to write off a fixed asset that has not yet been completely depreciated. ... The second scenario arises when you sell an asset, so that you receive cash (or some ...

What is the entry to remove equipment that is sold before it is fully ...

www.accountingcoach.com

The first entry will be a debit to Depreciation Expense and a credit to Accumulated ... is traded-in or exchanged for another asset, the second journal entry will be ...

What is the journal entry to write off an asset? | Reference.com

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The journal entry is as follows: Credit (asset to be written off), Debit (accumulated ... If the asset has not completely depreciated at the moment of disposal, use an ... account to represent fully the effects of the write-off on shareholder's equity.