Asset capitalisation
This query is : Resolved
12 June 2014
Hi,
Pls clarify.. One asset capitalised on jan'2013. At the time of capitalisation v have missed out the freight amount due to v have not received from vendor. Now (2014) v received that bill(freight). Pls suggest can v captilalised the same.
Pls clarify.. One asset capitalised on jan'2013. At the time of capitalisation v have missed out the freight amount due to v have not received from vendor. Now (2014) v received that bill(freight). Pls suggest can v captilalised the same.
12 June 2014
freight is paid by whom and when pls clarify?
12 June 2014
No. It can not be capitalized now. It is better to charge it to revenue.
13 June 2014
Freigt paid to transporter on june 2014. Due to bill received by tis month only..
Ravi Taori
(Expert)
13 June 2014
It is error of omission, because it accrued in jan itself and it is realted to acquisition of asset, so rectify it
Asset A/c Dr
To Bank or Vendor
Asset A/c Dr
To Bank or Vendor
Ravi Taori
(Expert)
13 June 2014
This will increase depreciation of last year for that
P&L Adj A/c Dr
To Asset A/c
P&L Adj A/c Dr
To Asset A/c
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