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Forensic Accounting

What are the J/Es for PPE de-recognition?


We have just sold some of our fully depreciated furniture & I just wonna know what are the J/Es for PPE de-recognition as per IAS 16. Can someone help?

asked Jan 7, 2013 in IAS 16 - Property, Plant and Equipment by anonymous
retagged Apr 23, 2013 by Mysio

1 Answer

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Best answer

According to IAS 16, following is the journal entry for derecognition of property, plant, and equipment.

Cash (Debit)                                                    xxx

Accumulated Depreciation (Debit)                      xxx

Property, Plant, and Equipment (Credit)                      xxx

Profit and loss (Balancing Figure)                           xxx

answered Oct 29, 2016 by ammar0930 Level 2 Member (3,800 points)
selected Oct 29, 2016 by Mysio



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