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How to you pass journal entries for a derecognition of a part of an asset as per IAS 16?
in IAS 16 - Property, Plant and Equipment by

2 Answers

0 votes
Dr Net disposal proceeds (Bank) (SFP)
Dr/Cr Gain /Loss (P/L)
Cr Asset derecognised/disposed (SFP)

Disposal proceeds are measured at fair value of the consideration receivable.

I hope it is clear.
by Level 3 Member (5.7k points)
0 votes
If you were sepretaly depreciating part of asset then it is better to make following entries

Acc. Depreciation (dr)
Loss (dr) (if dr side is less than credit side)
Part of asset (cr)
Profit (cr) if cr side is less than dr side.

Amount of loss or profit is difference of both side.
by Level 1 Member (2k points)