Rectification of errors

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A contractor's bill for extenction of permises amounting to 1000 has been debited to building repair account.
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IF the said building (Extension) is still in construction and one of the construction related invoice for Rs. 1,000/- is wrongly booked as Building repair, then it should be rectified by crediting Building Repairs and Debiting Building Expenses.

          Note:  The Extension of building will result in Enhanced Performance or Useful Life or Benefit                     then that of original asset, to capitalise such expenses.


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