1. Categories >> Accounting >> Accounting AllOther
  2. Suggest New Category

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 Posted / koteswara rao


Suppose One asset purchased in 2006year and calculated SLN method depreciation @10%pa for value 10..

Answer / parixit namdhar

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.

Is This Answer Correct ?    10 Yes 5 No

Post New Answer

More Accounting AllOther Interview Questions

Who is Finance minister of India?

5 Answers   Genpact,

Expand---------CAIR

1 Answers  

is India apply IFRS now?

1 Answers  

Expand---------PCDB

1 Answers   HCL,

What will be the journal entry of bank charges paid to bank

5 Answers  

When we are using the DEPB licence for duty adjustment 100 %, there is no cash payment to customs. If i am a trader and registered with excise, Can we avail the modvat credit and pass on to customers?

4 Answers   ABC,

what is fraud check?

1 Answers   Genpact,

What is the difference between International Accounting Standars & International Financial Reporting Standards?

1 Answers  

What is meant by advance ruling? What is the scheme of advance rulings?

0 Answers  

If its is declared by auditor that business is not going concern that what journal entry will be pass?

1 Answers  

How many ypes of Invoices are there ?

2 Answers  

I have a existing Oracle applicttions and need to bring one of the new business on it. The new business will use GL, AP and FA. We will use existing COA. This business will have 3 sets of books (1- tax book, from April to March; 2- Primary book, from July to June; 3- Reporting book, from July to June); All books will have same currency; HOW DO I TRANSFER DATA FROM PRIMARY BOOK INTO TAX AND REPORTING BOOKS EVERY MONTH OR ON WEEKLY? IS THERE ANY STANDARD ORACLE PROCESS WHICH CAN BE SCHEDULED? THE REPORTING BOOK WILL HAVE DIFFERENT DEPRECIATION METHOD SO HOW DO I NOT TRANSFER DEPRECIATION FROM PRIMARY TO REPORTING BOOK AND DO SEPERATE DEPRECIATION IN REPORTING BOOK FOR THE SAME ASSET THAT IS ALSO IN PRIMARY AND TAX BOOK?. HOW DO I APPROACH ON SETTING THESE NEW SETS OF BOOKS? Thanks, KK

1 Answers   Genpact, Oracle,

For more Accounting AllOther Interview Questions Click Here
Categories