If the asset is depreciated and have no more value because of depreciation But the Asset is using still in company,,What is the accounting treatment?

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ABDUL MAJEED KUNNAM PADATH
12-October-2013

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Question added by Jishad Kk , ACCOUNTANT , SPINNEYS
Date Posted: 2015/12/10

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3 Answers

by Ribina P , Jr.Auditor , Horwath Mak

As long as the asset is used in the business, we have to show its cost and accumulated depreciation in the books. If fully depreciated Nbv will be0 but asset would still appear in books and fixed assets register

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by abdulaziz khorshid , CREDIT MANAGER , RASHED ABDUL RAHMAN ALRASHED

no transaction recorded before selling the asset or scrapping it

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by Yar Muhammad FCCA UAECA , Deputy Finance Manager , Prometheus Capital Finance Limited

As per IAS (Property Plant & Equipment)- An Asset can not be written off even if it is fully depreciated, it can only be written off when it is disposed or sold.

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