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 | | __.____._ Copyright © 2011 Toolbox.com and message author. Toolbox.com 4343 N. Scottsdale Road Suite 280, Scottsdale, AZ 85251 | | Popular White Papers In the Spotlight _.____.__ |
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