USA Loss on undepreciated property

[vetless]

We purchased a lawn mower for $400.00 in 2006, and depreciated $293.00 before the mower broke down in 2010. Turbo Tax indicated that we could not depreciate the balance of $107.00. However, now I want to get this Mower Account off the books but can't get the Income and Balance portion of the Worksheet to balance if I do. Whatever I try to do in the Balance Sheet offsets the Capital Account in the Owner's Equity portion of the Balance Sheet. Is the Capital Account supposed to be affected by this loss? I'm really stumped on this one. Can anyone help? Yvette

 

[[email protected]]

you have net book value of 107 as on the date of loss of this property..so make this entry in books on this date.
Debit acidental loss of property account
Credit assets account
This entry will decrease profit and it will impact only retaind earnings accounts....capital account u means to say partners share capital account wil not be effected..it wil only effect accumulated profts (losses) or retained earnings acocunt.

 

[jfuertes]

Under Ifrs when you get the assets off your books, you must do this entry:
Accumulate Depreciation 293
Loss on desincorporation (Results of the period) 107
Lawn Mower 400