Fixed assets sold which were not recorded

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anita (Querist)
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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.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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04 October 2020 Yes, reverse the entry wrongly passed.

anita

anita (Querist)
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04 October 2020 How we will pass a reverse
entry. It was sold in the year 2014-15.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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04 October 2020 Reverse it as rectification entry in the current year.

anita

anita (Querist)
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05 October 2020 Fixed assets debit and accumulation dep credit and written off credit . Is it right rectification entry.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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05 October 2020 Write off debit only check it.

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