16 January 2015
As our company has a fixed asset register. In intial years we have capitalised each and every item and in recent years we are expenses out small items.but we have done a physical verification in which we found some excess items. I want to know how these items are adjusted in the Fixed asset register. Please reply earliest
16 January 2015
then if it is not increasing the life of asset compared to before purchasing or not increasing its effeiciency after purchasing then must be expensed to profit and loss a/c
Querist :
Anonymous
Querist :
Anonymous
(Querist)
16 January 2015
we are expense out that thing. for example we have purchases LED light and in initial years we have capitalised and now we are expensing out. but in our we found excess led lights and we want to adjusted it in the fixed asset register to clear out difference against physical Qty.
16 January 2015
then if they are not entered in books earlier then as prior period item it will be added to cost of asset if they are newly purchased assets as fixtures and depreciation shall be to be charged for the year frm u purchased till now.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
16 January 2015
these assets has been expensed out in the books but they physically exist. we want adjust that physical asset in our fixed asset register to clear out the difference between physical qty and fixed asset register qty. what can be done. pls suggest.
16 January 2015
that is not possible to do so as already they are booked as exp so how they can now ne treated as "assets" in books? this is not possible now.
when u sell it then u credit the sale price to profit and loss account.
16 January 2015
in fixed asset they are not enetered as they are shown as exp so when u sell only then u can adjust or when lights are not working and when u replace it will be absent from phy qty