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Fixed assets

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This query is : Resolved

Quick Summary

If you've disposed of a fixed asset that wasn't on your fixed asset register, your trial balance might be showing a lower figure than reality. To fix this, check if the asset was still recorded in your books of accounts. If it was, verify how it was accounted for and if depreciation was calculated annually. Crucially, determine whether the sale proceeds went to the business or the owner.

anita

anita (Querist)
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02 October 2020 I have disposed off the asset whose value was not included in my fixed asset list. Now the asset shows in trial balance is less than in actual.please asbise

CA Kushwanth AVSR

CA Kushwanth AVSR (Expert)
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03 October 2020 Is the asset shown in books of accounts.?
If yes, under which head and whether depreciation is calculated or not --> every year.?
Is the business received sale proceeds or the owner received.?

anita

anita (Querist)
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09 October 2020 No ,it is not shown in fixed assets but disposed off in fixed assets

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