Asset opening balance

A/c entries 397 views 1 replies

Finance & Accounts

40 Points Joined June 2011

To pass a fresh entry for assets bought into business aftter deducting depreciation manually for used years.(With new balance)

what entry could be passed ( Which the assets were bought into business in 2 to 3 years back & used) Not recorded in accounts.

is it

Asset a/c Dr

Other Income ??

Thanks

Replies (1)

Student CA Final

175 Points Joined November 2013

Assets A/c ...... Dr Actual cost

Profit & Loss A/c Dr (amt equal to dep related to prior years)

To Bank/ Supplier actual cost

To Accumalated depreciation amt equal to dep related to prior years

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