Fixed Assets - EBS (MOSC)

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Accounting Entries for Retirement

edited Mar 15, 2013 4:41AM in Fixed Assets - EBS (MOSC) 4 commentsAnswered
Hello all, I am relatively new to Assets and working my way through the various stages of Additions. Depreciation etc.

Retiring an asset is next on my tick list. Afraid to say I am a little baffled by the entries the retirement has made. The asset itself came into service im March 2010 and I retired it in Oct 2012. The cost was £ £ 5,893.44. There are no costs of sale and no proceeds. The accumulated depreciation up to the point of retirement was £ 1,522.43. Straight line depreciation over 10 years.

The Retirement created the following entries:

Dr 1,522.43 Retirement Depreciation Reserve

Dr 4,371.01 Retirement NBV Retired

Cr 5,893.44 Retirement Cost

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