Fixed Assets - EBS (MOSC)

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Partial Retirement Accounting

edited Oct 21, 2009 10:52AM in Fixed Assets - EBS (MOSC) 1 commentAnswered
 Hi,

What are the accounting entries generated at partial retirement? For a full retirement, it would be

Acc Dep a/c dr

NBV a/c dr

         To Asset Cost acct.

When asset is partially retired, how is depreciation journal passed? For eg an asset of value 2000 with 2 units with 2 yrs life, partially reitired for 1 unit after 1 year...

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