I am working as an accountant in a company ( Distributors of LED Tvs ) . In Company's Last year Balance Sheet, 2 LED Tvs, which were used for office use accounted as Stock instead of Fixed Assets and the same treatment still continues. Now i want to Remove it from stock and show it in my Fixed Assets. Since adjusting stock and Fixed assets accounts is not possible. My idea was to Put A Sale entry ( Like Company Purchasing those two LEDS This year @ Cost Price ). What other treatment wud u suggest ?
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Conversion of stock into fa
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As per my opinion it is better to make a below entry:
Fixed Assets A/C dr. xxx
To Stock account. xxx
the cost shown in the closing stock will be the cost of such assets (LEDs)
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