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REQUEST FOR FORMAL WRITTEN PRICE QUOTATION FORMProcurement from R30 000, 00 up to a transaction value of R200 000, 00 (including Vat) (For publication on Ekurhuleni Metropolitan Municipality Website
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How to fill out writing off of obsolete

01
Gather all the necessary information about the assets that need to be written off.
02
Determine the reason for writing off the assets and ensure it meets the criteria for obsolescence.
03
Calculate the carrying value of the assets to be written off.
04
Create a journal entry to record the write-off.
05
Debit the appropriate expense account to reflect the loss incurred from the write-off.
06
Credit the asset account to remove the assets from the balance sheet.
07
Review and verify the journal entry for accuracy.
08
Document the write-off for future reference and auditing purposes.

Who needs writing off of obsolete?

01
Companies or organizations that have assets that have become obsolete or non-functional would typically need to write them off. This could include businesses that use technology or equipment that becomes outdated, or organizations that have inventory that has expired or is no longer suitable for use. Writing off obsolete assets allows businesses to accurately represent their financial position by removing assets that no longer hold value.

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Writing off of obsolete refers to the process of recording the removal of obsolete or unusable assets from a company's books.
Any company or organization that has obsolete assets that need to be written off is required to file writing off of obsolete.
To fill out writing off of obsolete, you need to document the details of the obsolete assets, reason for writing them off, and the impact on the company's financial statements.
The purpose of writing off of obsolete is to accurately reflect the value of a company's assets on its financial statements by removing assets that are no longer usable or valuable.
On writing off of obsolete, information such as the description of the obsolete assets, the cost of the assets, the reason for writing them off, and the impact on the financial statements must be reported.
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