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Prior period mistake to identify the nature of expenses

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 July 2012 Designing expenses in earlier year is written off as revenue expenses in P & L a/c. at the later year it comes to know that is requir to capitlais in eariler years. if this mistake want to rectify,how can be shown in book's of a/c
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Amol S Joglekar

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Amol S Joglekar (Expert)
31 July 2012 Debit the account to be capitalised and get it from the profit and loss... You need to give a suitable note to accounts.
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