Selling a device, Accounting Basics

Assignment Help:

Assume we are selling a device for 6000 and the company need to replace that device with a new device which is a bit more than the prior price say 7000.Then,how we can account this?

Ans) First we require to write-off the old asset ( by reversing the asset, accumulated depreciation and depreciation for the present  FY by Cr the Fixed asset Write-off and Dr Proft/Loss on sale of asset under P&L account )

 


Related Discussions:- Selling a device

Principal x Rate x Time, 10,000 dollar loan at a Maturity of 3 months, an 8...

10,000 dollar loan at a Maturity of 3 months, an 8% interest rate

Objectives of financial statements, O B JECTIVES OF FINANCIAL STATEMENTS ...

O B JECTIVES OF FINANCIAL STATEMENTS The fundamental purpose of financial statements according to AICPA is 'to offer qualitative financial information concerning to the busi

Prepare an income statement for the current year, The assets and liabilitie...

The assets and liabilities of Amos Moving Services at May 31, 2011, the end of the current year, and its revenue and expenses for the year are listed below.  On April 1, 2010, the

General-purpose financial statements, Q. General-purpose financial statemen...

Q. General-purpose financial statements? Accountants prepare general-purpose financial statements at usual intervals to meet many of the information needs of external parties a

Assets, list me all the asset in the world?

list me all the asset in the world?

Assets, Calculate the amount of assets for Company

Calculate the amount of assets for Company

Completing the accounting cycle, Q. Completing the accounting cycle? Su...

Q. Completing the accounting cycle? Subsequent to studying this chapter you should be able to - Recapitulate the steps in the accounting cycle. - Organize a work sheet fo

Total liabilities, A) During the year, total liabilities enhanced $106,010 ...

A) During the year, total liabilities enhanced $106,010 and stockholders' equity reduced $67,590. What is the amount of total assets at the end of the year? B)  If total assets e

What is comprehensive income and revenues, Q. What is Comprehensive income ...

Q. What is Comprehensive income and Revenues? Comprehensive income is the alter in equity of a business enterprise during a period from transactions and other events and circ

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd