Treatment for Fixed Assets
This query is : Resolved
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
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
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?
23 February 2009
capitalize it now & show previous year dep as prior period exp.
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