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fixed assets value wrongly taken at financial closing

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(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
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Jitender

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Jitender (Expert)
24 February 2009 provide last year dep as prior period exp & capitalize the asset.
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ajmal

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ajmal (Expert)
10 January 2010 agree.need further information
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