Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Fixed Assets.

29 November 2023

good evening

I am having one query that by mistake depreciation for the last year was excess shown by 186959 in balance sheet which is signed.

as a result profit and loss account is showing excess of 186959 in books of accounts.

can anyone please let me know that but should I do in current year or previous year so that my profit and loss account figure can be matched.

without disturbing balance sheet figures.

thank you.

Reply
Follow
Share

9 Replies

Manish (CA) (1174 Points)
Replied 29 November 2023

Adjust the amount in current year depreciation.

Upgrade to CAclubindia Pro. Subscribe Now!

Vikas Chauhan (206 Points)
Replied 29 November 2023

I also think it better to adjust in current year instead of disturbing the books of account for previous year.

Yasaswi Gomes new (Finance ) (4514 Points)
Replied 29 November 2023

If there is excesz in balance sheet, its nothing but accumulated deprection + current year depreciation.

In the pl only current year depreciation is shown. You only depreciation? Do you claim depreciation in arrears? Its better to correct it from previous year to reduce complexities

Yasaswi Gomes new (Finance ) (4514 Points)
Replied 30 November 2023

On a se ond thought i better prepare the accumulated depreciation. I guess your current depreciation is correct because we cant present the asset at nbv. Give me some time. No one here is helpful now a days.