Fixed Assets - EBS (MOSC)

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Journal entry of Asset Retirement_Asset Created in Error & need to retire

edited Jul 17, 2014 9:50AM in Fixed Assets - EBS (MOSC) 5 commentsAnswered ✓

Hi,

  1. What will be the Journal entry of Asset Retirement? (We are not selling this asset as this asset was created in error.)
  2. Will the Accumulated Depreciation become Zero?
  3. How should I proceed with the Asset retirement; when that asset got created in error?
  4. How my financial reports (i.e. P&L / Balance sheet) will affect after the retirement of the asset which is created in error? (There are many assets got created in error & have been in use in the system for more than 4-5 years)

Regards

Kedar

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