Stock to fixed assets

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 April 2013 I am working as an accountant in a company ( Distributors of LED Tvs ) . In Company's Last year Balance Sheet, 2 LED Tvs, which were used for office use accounted as Stock instead of Fixed Assets and the same treatment still continues. Now i want to Remove it from stock and show it in my Fixed Assets. Since adjusting stock and Fixed assets accounts is not possible. My idea was to Put A Sale entry ( Like Company Purchasing those two LEDS This year @ Cost Price ). What other treatment wud u suggest ?

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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25 May 2013 No debit assets and credit Closing stock. If you show this as sale you have to pay VAT and the profit margin will also increase. So the same is to be done at the price at which the closing stock was shown. There is a special feature in Tally for stock entries