Fixed Assets - EBS (MOSC)

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Journal Entry in case of Partial Retirement

edited Apr 30, 2014 12:00PM in Fixed Assets - EBS (MOSC) 2 commentsAnswered

Hi,

It is observed that in case of partial retirement of Asset the Journal entry to the Credit is for full cost and Debits for differential between cost and retired cost.

Although the net effect is same as partial retired cost- but the concern is that due to this there are multiple entries in the asset cost account showing Credit and Debits instead of single Credit


What is the reason for two entries in Asset Cost account code instead of single credit to Asset cost account code



Rgds

Parveen




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