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Treatment for Fixed Assets

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(Querist)
23 February 2009 Hi can any one suggest me solution for below
situation
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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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
23 February 2009 First of all, if the fixed asset was reflected then the party from whom it was purchased (creditors), at what amount were they reflected?
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Jitender

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Jitender (Expert)
23 February 2009 capitalize it now & show previous year dep as prior period exp.
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