How to deal with omission of Asset Purchase in the next financial year
This query is : Resolved
28 December 2022
We purchased Assets worth 2 Lacs in 2020 December, for which cheque payments were made. But forgot to include the same while preparing the balance sheet. Hence it neither reflected in the balance sheet, nor its depreciation availed in the P&L.
How do we include this in the next financial year's BS i.e. 2021-22. at what value ?
Can we charge the last year's depreciation in 2021-22 ?
Do we need to intimate the IT Dept for this omission ?
Thank you
How do we include this in the next financial year's BS i.e. 2021-22. at what value ?
Can we charge the last year's depreciation in 2021-22 ?
Do we need to intimate the IT Dept for this omission ?
Thank you
28 December 2022
Add and depreciate in 2021-22 at original value and depreciate for the year only.
No need to inform to IT department.
No need to inform to IT department.
28 December 2022
Whether the books of accounts were audited? OR TAR submitted along with ITR?
Where the amount of 2 lakhs paid through bank account adjusted?
Where the amount of 2 lakhs paid through bank account adjusted?
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