Capitalize
This query is : Resolved
Quick Summary
17 November 2020
If any entryof capitalize item and it's depreciation was made wrong in past year and came to know in current year then how to correct it in current year.
17 November 2020
Charge it as expenses in the current year reverse depreciation.
17 November 2020
Sir
We have bought a cooler then dispose off it after 10years while disposing the item we have booked the entry in capitalize but it was not recorded in capitalize when we have bought.how to resolve it. Please clarify your answer
We have bought a cooler then dispose off it after 10years while disposing the item we have booked the entry in capitalize but it was not recorded in capitalize when we have bought.how to resolve it. Please clarify your answer
17 November 2020
Reverse the entry and take the sale value to other income.
18 November 2020
Sorry to say we have capitalize the asset few years back when we dispose off it. can we reverse its entry in this year.
18 November 2020
In such a case no reversal required. Adjust the wdv against sale price and credit/debit the balance to p and l.
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