fixed assets value wrongly taken at financial closing
This query is : Resolved
bhanuprasad
(Querist)
23 February 2009
A company capitalised its asset for Rs. 10,00,000 and closed its financials for 2007-08. In 2008-09 while reconcilation with party accounts, it found that actual asset cost was Rs. 15,00,000.
Now what will be the accounting procedure for this situation
Now what will be the accounting procedure for this situation
24 February 2009
provide last year dep as prior period exp & capitalize the asset.
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