Hi,
I have one problum/doubt
i acquired the asst in January 1st, 2011 cost Rs.1000 at depreciation rate 10%
i performed the depreciation run till 5th period (May) (calculated Depreciation Rs. 41.66)
now i am trying to retire this asset in June 1st, 2011 at cost Rs. 900
after the transaction i find the entries like
Asset cost 1000
asset sale 900
loss 100
here my question is what about the calculated depreciation Rs. 41.66
please advice me
Thanks in Advance
Sreehari