Dhaval Desai (Audit Assistant) 10 December 2020
I have one quary i.e
any assets forgot to record in BS of previous year(last year) and we want to show it in current year.then is correct to show it in balance sheet after deducting the depreciation of the last year.
ayusmita (Tax consultant) 10 December 2020
Yes you can show it in balance sheet
in current balance sheet you bring the asset value by deducting the previous depreciation
means if asset is 1000 in privious
depreciation is 100 in previous
then current year asset value is 1000 minus 100
then again in current year you deprecated it as per rule
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