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Hi,
Maybe a silly question but what is double entry for a non-current asset disposal when the asset is already fully depreciated and scrapped with no proceeds?I recorded:
Dr Accumulated depreciation a/c
Cr Fixed Asset a/c… and I was told that I missed something. I don’t know what could that be?! No proceeds, fully depreciated… so it’s only 2 entries. No? What is missing?
Should entries go through disposal a/c even though it would be in and out (Dr and Cr with the same amount) situation?
Normally we would go through a disposal account because normally there will be scrap proceeds.
However in this example, your entry is fine 🙂
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