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Asset capitalisation

This query is : Resolved 
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(Querist)
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.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
12 June 2014 freight is paid by whom and when pls clarify?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
12 June 2014 No. It can not be capitalized now. It is better to charge it to revenue.
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GANESAN C

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GANESAN C (Querist)
13 June 2014 Freight paid by us on june 2014
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GANESAN C

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GANESAN C (Querist)
13 June 2014 Freigt paid to transporter on june 2014. Due to bill received by tis month only..
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Ravi Taori

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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
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Ravi Taori

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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
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