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
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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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