Wrong accounting of Fixed Asset

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sandeep (Querist)
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25 October 2009 Hi,

While accounting software purchase invoice , i have wrongly use the fixed asset code software acquired instead of Software.

Now i want to reclass this entry with proper effect of depreciation in both the a/cs. Please advcie how to do .

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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25 October 2009 You can reclassify.

You have to calculate the correct depreciation after reclassification and difference excess or shortage to be adjusted during the year with a note for the same.