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Accounting entries for partial retirement

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edited Mar 22, 2022 7:26AM in Assets 1 comment

Summary:

Currently for partial unit retirements, the entire cost is credited and then the new cost is debited. Is there a way to only credit the retirement amount on one line?

Content (required):

We create an asset with 5 units and cost 1000 in period 1. We then proceed to retire 1 unit in period 2. The accounting entries generated are:


Cost 1000 Cr

Cost 800 Dr

Accumulated Depreciation 3,33 Dr

NBV Retired 196,67 Dr

Why are two rows for cost generated?


The desired accounting is:


Cost 200 Cr

Accumulated Depreciation 3,33 Dr

NBV Retired 196,67 Dr


How can we achieve this?


Version (include the version you are using, if applicable):

22A

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