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Former Member
Jan 12, 2011 at 06:26 AM

Asset wrongly capitalized

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Hi

I wrongly capitalized one asset of Rs.12000 (Doc date, posting date and asset value date: 15th July 2010). Depreciation is also posted till December 2010

Now as per auditors, the same should be expensed out in repairs account. WDV as on today is Rs.7350.

Now i need to reverse the entire transaction (including depreciation, accumlated depreciation). Vendor is paid in july itself.

FY is from April 2010 to March 2011. I tried with ABNAN. But its telling that the date is not in closed period.

Please help how can i rectify.