Capitalize
This query is : Resolved
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Booth for sales promotion
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Average Cost Of High Quality Diamonds
- Regarding ITR filing with more value than showing in AIS/TIS
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
