Re: [sap-acct] Excise refund received after capitalising asset

Posted by Rameshdhanawade
on Jul 11 at 1:21 AM
Hi Manish

In the previous year (FY 10-11) depreciation is charged for one day.
You can debit Rs.55000/- to vendor and credit Rs.55000/- to ambulance (Vehicle)
account with capitalization date of 1st April 2011
and run the depreciation for April, May and June-11. There will be a problem of
one day depreciation only which do not make much matter.
You just convey your auditor because in such scenario, we have to make this kind
of adjustment.

Regards,

Ramesh
Pune
Cell No.9850073908

---------------Original Message---------------
From: MANISH SANGHVI
Sent: Saturday, July 09, 2011 10:21 AM
Subject: Excise refund received after capitalising asset

Dear All,

During the month of May -2011, we capitalsied asset called Ambulance
for Rs. 5,50,000/- (capitlisation date 31.March, 2011)

After two months we have received Excise refund of Rs. 55,000, which
was paid while buying Ambulance.

This Excise refund was credited to vendor account.

Now I have to Debit vendor and credit Asset account.

I have to reduce cost of Asset

I have not posted Depreciation on Books from April-11 onwards.
How to Proceed.... Please help.

--
best regards,
Manish Mahendra Sanghvi
98208 83148

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