around 4yrs back asset purchase were debited to profit and loss account . can we now show it in our balance sheet . if yes do we have to reverse the exp and show as income in this financial year .
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Expenses of previous year
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its depends upon the cost of the assets...😊
the cost of the assets is more than 3 lakh ....it was debited to profit and loss account ..now shld it has to be credited to profit and loss account and debit to asset ....
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