Hello guys,
last year I Classified Printer under Plant & Machinery For Depreciation Now i Want to take it under Computer & software category.. Can I do so
Thanks In Advance
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Depreciation
Replies (5)
Yes You can reclassify assets into its right category.
Last Year asset is classified into wrong category. Adjust last year depreciation.
Depreciation on Printer as per Computer xxxxxxxxx
Depreciation on Printer as per Plant & Machinery xxxxxxxxx
PRIOR PERIOD ITEM xxxxxxxxx
This year you can reclassify the asset and charge depreciation as per Computer.
samrendra sir
please explain with entries
thanks
Is treatment is like change in rate of depreciation?
Its depends if prior period item results in loss than
Prior period expense A/c Dr.
To Provision for Depreciation
If prior period item results in gainbthan
Provision for Depreciation A/c Dr.
To Prior period income
Dear Himanshu,
Its not change in rate of depreciation...., its change of assets classification
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