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May 02, 2012 at 11:25 AM

Asset created wrongly with extra amount


Hi all,

Asset A was created with amount $120 USD on 01.03.2012

In the First week of May, it was realised that the asset was over capitalised by $20. The actual value of Asset A was $100.

There was a depreciation run for the months March & April'12.

How this error can be rectified?
Immediate reply is highly appreciated.