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Asset book value dhs.150 transfer to sister co.buy on 1.10.10 transfer on 31.08.11.depreciation straight line 20%.journal?

Asset book value of dhs.150 transferred to sister company on31.08.2011.Asset purchased on01.10.2010.Decided charge20%Depreciation on this asset under straight line method?What should be the JV when it transfer to Sister company?

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Question ajoutée par ABDUL MAJEED KUNNAM PADATH , Chief Accountant , Arab building materials
Date de publication: 2013/10/12
Khaja Moinuddin
par Khaja Moinuddin , Group Assistant Financial Controller , Confidential

Entries:-

1. Sister Concern Co. (XYZ) debited and Asset Credited.

2. Accumulated Depreciation debited and Other Income / Loss on FA Credited.

krushnasinh chavda
par krushnasinh chavda , General Accountant , Pixel Digital Systems LLC - UAE

For Example:

If Asset value is

Accumulated is

Net book value is

 

JV will be

Sister Concern's Current A/c Dr.

Accumulated A/c                    Dr. 

                 To

Asset A/c                                             

Othman Al Dali
par Othman Al Dali , مراقب مالي , انماءات البلاد للتطوير و الاستثمار

In this scenario we simply closed the asset account and the accumulated deprecation related to that asset dr : sister company by the net value after depreciation 122.5

dr : accumulated depreciation 27.5 

cr : assets by the historical value     150

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