Suppose One asset purchased in 2006year and calculated SLN method depreci

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Question

Suppose One asset purchased in 2006year and calculated SLN 
method depreciation @10%pa for value 100000. Now middle of 
the present year the assets was transfered to B company. 
How can we take the accounting for previous depreciation, 
asset value (transfer value) to debit B company. What is 
the asset status in BS.

Question Submitted By :: Koteswara Rao

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Re: Suppose One asset purchased in 2006year and calculated SLN method depreciation @10%pa for value 100000. Now middle of the present year the assets was transfered to B company. How can we take the accounting for previous depreciation, asset value (transfer value) to debit B company. What is the asset status in BS.

Answer
# 1

B Company A/c Dr.                   <Transfr Value>
Provision for Dep. A/c Dr.               25,000
Loss(If Any) A/c Dr.          <Diffrence Amount if '-'>

To Asset A/c                  <By Asset Purchase Price>
To Profit (If Any)            <Diffrence Amount if '+'>

Asset will be squred of in BS
*Dep. calculated for 2 1/2 year.

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Parixit Namdhar

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