Dear Friends,
what is the accouting treatment of excess depreciation provide in previous years due to wrong calculation of depreciation.
what is the situation is happened actually, while we calculating the depreciation on sale of fixed assets we worgly calculated bouble effect of depreciation (Exmaple. actual depreciation of Rs.1,00,000/- but we calculated is as double i.e Rs.2,00,000/-) unfortunately financials are got audited.
hence we require the rectification process and accounting treatment for the same what we have accounted excess depreciation Rs.1,00,000/- in previous year.
Kindly Help friends..thanks in advance...!
Regards,
Ashok B
CAclubindia
