{"id":1366,"date":"2023-06-12T05:06:42","date_gmt":"2023-06-12T05:06:42","guid":{"rendered":"https:\/\/vibrantfinserv.com\/kb\/?p=1366"},"modified":"2024-06-04T05:56:20","modified_gmt":"2024-06-04T05:56:20","slug":"what-is-the-accounting-treatment-of-an-asset-which-has-been-fully-depreciated-but-is-still-in-use","status":"publish","type":"post","link":"https:\/\/vibrantfinserv.com\/kb\/what-is-the-accounting-treatment-of-an-asset-which-has-been-fully-depreciated-but-is-still-in-use\/","title":{"rendered":"What is the accounting treatment of an asset which has been fully depreciated but is still in use?"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-18\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ-300x143.png\" alt=\"\" width=\"92\" height=\"44\" srcset=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ-300x143.png 300w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ.png 482w\" sizes=\"auto, (max-width: 92px) 100vw, 92px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-6899 alignright\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/Accounting-treatment-1-300x200.jpg\" alt=\"Accounting treatment\" width=\"203\" height=\"135\" srcset=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/Accounting-treatment-1-300x200.jpg 300w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/Accounting-treatment-1-1024x683.jpg 1024w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/Accounting-treatment-1-768x512.jpg 768w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/Accounting-treatment-1-1536x1024.jpg 1536w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/Accounting-treatment-1-2048x1365.jpg 2048w\" sizes=\"auto, (max-width: 203px) 100vw, 203px\" \/><\/p>\n<h2>Accounting treatment of an asset<\/h2>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;When an asset has been fully depreciated but is still in use, it should be recorded on the balance sheet at its net book value, which is the original cost of the asset minus the accumulated depreciation. The accumulated depreciation account will continue to increase as depreciation is charged each period, while the book value of the asset will remain the same. No further depreciation expense can be charged on the asset once it has been fully depreciated. The asset will remain on the balance sheet until it is disposed of or retired.&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:8963,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:65280},&quot;11&quot;:4,&quot;12&quot;:0,&quot;16&quot;:10}\">When an asset has been fully depreciated but is still in use, it should be recorded on the balance sheet at its net book value, which is the original cost of the asset minus the accumulated depreciation. The accumulated depreciation account will continue to increase as depreciation is charged each period, while the book value of the asset will remain the same. No further depreciation expense can be charged on the asset once it has been fully depreciated. The asset will remain on the balance sheet until it is disposed of or retired. Accounting treatment of an asset is necessary.<\/span><\/p>\n<p><strong>To Visit:\u00a0<a href=\"https:\/\/www.incometax.gov.in\"> https:\/\/www.incometax.gov.in<\/a><\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.referenceforbusiness.com\/photos\/accounting-methods-175.jpg\" alt=\"Accounting Methods - advantage, disadvantages, Cash vs. accrual basis\" width=\"204\" height=\"153\" \/><\/p>\n<p><strong>For further details access our website: <a href=\"https:\/\/vibrantfinserv.com\/\">https:\/\/vibrantfinserv.com<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Accounting treatment of an asset When an asset has been fully depreciated but is still in use, it should be recorded on the balance sheet at its net book value, which is the original cost of the asset minus the accumulated depreciation. The accumulated depreciation account will continue to increase as depreciation is charged each\u2026 <span class=\"read-more\"><a href=\"https:\/\/vibrantfinserv.com\/kb\/what-is-the-accounting-treatment-of-an-asset-which-has-been-fully-depreciated-but-is-still-in-use\/\">Read More &raquo;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":6899,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1459,7],"tags":[3001,32463,1550,44744,1480,44756,44750,44746,30253,20656,30322,30255,30313,33773,44747,42602,2088,33782,33771,42844,32569,44753,33378,30119,32458,32585,40736,33186,33274,33776,33586,1208,30133,33293,30144,30434,34548,44745,33580,33282,34807,29808,33783,973,1682,30281,33779,1061,44748,2730,43718,40347,40513,40521,40401,44759,2143,42845,44757,40743,25195,44752,1488,987,1848,44754,33294,33300,33275,33285,44749,21011,33292,33284,44755,44758,33791,33287,33308,1310,2036,2246,811,5126,29648,1165,1132,3210,639,2582,976,5128,8631,1070,8372,1232,42857,42797,2085,44751,21008,983],"class_list":["post-1366","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-account-finance","category-bookkeeping-and-accounting","tag-accountingpractices","tag-accountingrules","tag-accountingstandards","tag-accumulateddepreciation","tag-amortization","tag-amortizationcalculation","tag-amortizationpolicy","tag-amortizationschedule","tag-assetacquisition","tag-assetallocation","tag-assetappraisal","tag-assetappreciation","tag-assetaudit","tag-assetcost","tag-assetdecommissioning","tag-assetdepletion","tag-assetdepreciation","tag-assetdepreciationcalculation","tag-assetdepreciationrate","tag-assetdeterioration","tag-assetdevaluation","tag-assetdevaluationcalculation","tag-assetdisposal","tag-assetevaluation","tag-assetevaluationmethods","tag-assetimpairment","tag-assetimpairmentloss","tag-assetinvestment","tag-assetlifecycle","tag-assetloss","tag-assetmaintenance","tag-assetmanagement","tag-assetmonetization","tag-assetoptimization","tag-assetperformance","tag-assetportfolio","tag-assetregister","tag-assetregistermanagement","tag-assetrevaluation","tag-assettracking","tag-assettrackingsystem","tag-assetutilization","tag-assetutilizationanalysis","tag-assetvaluation","tag-assetvalue","tag-assetvaluecalculation","tag-assetvaluemanagement","tag-balancesheet","tag-balancesheetaccuracy","tag-balancesheetanalysis","tag-balancesheetaudit","tag-balancesheetmanagement","tag-balancesheetpresentation","tag-balancesheetreporting","tag-balancesheetreview","tag-balancesheetvalidation","tag-bookvalue","tag-bookvaluecalculation","tag-capitalassetdepreciation","tag-capitalassetmanagement","tag-capitalassets","tag-capitalassettracking","tag-capitalexpenditure","tag-depreciation","tag-depreciationaccounting","tag-depreciationaccountingrules","tag-depreciationadjustment","tag-depreciationanalysis","tag-depreciationcalculation","tag-depreciationexpense","tag-depreciationexpensemanagement","tag-depreciationmethods","tag-depreciationpolicy","tag-depreciationrate","tag-depreciationrecording","tag-depreciationrecordkeeping","tag-depreciationreporting","tag-depreciationschedule","tag-depreciationstrategy","tag-financialaccountability","tag-financialaccuracy","tag-financialaudit","tag-financialcompliance","tag-financialcontrols","tag-financialcontrolsystems","tag-financialdisclosure","tag-financialhealth","tag-financialintegrity","tag-financialmanagement","tag-financialregulations","tag-financialreporting","tag-financialreportingstandards","tag-financialriskmanagement","tag-financialstatements","tag-financialstewardship","tag-financialtransparency","tag-fixedassetaccounting","tag-fixedassetmanagement","tag-fixedassets","tag-fixedassettracking","tag-gaap","tag-intangibleassets"],"yoast_head":"<!-- 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