An asset pertainig to FY10-11 Of Rs 50000 recoded as expense in that Fy . How to rectify the same for the fy13-14.what entry will be passed to recitify pricipal error till this FY?
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Fixed asset pertaining to fy10-11 charged as an exps
Replies (1)
1. Fixed asset a/c dr.
To Expense (debited earlier)
2. Depreciation a/c dr.
To fixed asset (for 10-11, 11-12 & 12-13)
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