Preparation of final accounts of sole proprietors

Accountancy

Please explain this adjustment

Sejal Shivani

CA Foundation

★ 5K+

30-Sep-21 01:32

686

Answers (4)

I hope you got it, if not tell me.

Attachments

rectification.pdf

Vijay K

CA Inter

★ 9K+

30-Sep-21 08:49

Vijay K

I hope you got it, if not tell me.

I understand but not perfectly What is the effect for this particular in final accounts?

Thread Starter

Sejal Shivani

CA Foundation

★ 5K+

30-Sep-21 09:42

Vijay K

I hope you got it, if not tell me.

Ohky now I got it Thank you so much

Thread Starter

Sejal Shivani

CA Foundation

★ 5K+

30-Sep-21 11:15

Depreciation for 2 years 1/1/97 (date of purchase) to 31/12/98 is 7000 (3500 *2) So net asset value on 1/1/99 is Rs.28,000 (35000-7000) which has to be taken into books. Account fixed asset in 1999-2000 Trial balance @ Rs.28000

Sudha Reddy

CA Final

★ 20K+

30-Sep-21 11:17