Fixed Assets - EBS (MOSC)

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Retirement

edited Jan 21, 2014 3:38AM in Fixed Assets - EBS (MOSC) 2 commentsAnswered
Scenario
Asset cost - 10000
life - 3 years
Purchase Date - 1 oct 2013
Retirement Date - 31 Oct 31

Prorate rules- Full year depreciation in year of purchase ,  Depreciate up to last day of previous month in the year of retirement ( ex if asset retires on 30 oct- dep is calculated up to 30 September) 


Adjusting depreciation 2500
Client run the depreciation for Oct  for 277  - Depreciation  reserve = 2777
Client retire the Asset on 30 oct

Journal entries 

DR Dep Reserve 2500
      Disposal of Fixed Assets 7500

CR Asset Cost   10000


The client wants to know where the depreciation of 277 for the month of october has gone?  It should have been in the Dep Reserve a/c but since prorate rules did not include this amount how did oracle accounted for it?

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