Fixed assets sold which were not recorded
This query is : Resolved
Quick Summary
04 October 2020
Can we make reverse entry of fixed assets which was not recorded in our books but wrongly recorded in books when sold and make profit.
Suppose we bought a AC but not booked it in books but when we sold it we recorded its accumulated depreciation and fixed assets. Now there is a difference of actual assets and books recorded assets. How can treat it.
Suppose we bought a AC but not booked it in books but when we sold it we recorded its accumulated depreciation and fixed assets. Now there is a difference of actual assets and books recorded assets. How can treat it.
04 October 2020
Yes, reverse the entry wrongly passed.
04 October 2020
How we will pass a reverse
entry. It was sold in the year 2014-15.
entry. It was sold in the year 2014-15.
04 October 2020
Reverse it as rectification entry in the current year.
05 October 2020
Fixed assets debit and accumulation dep credit and written off credit . Is it right rectification entry.
05 October 2020
Write off debit only check it.
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