DevyaniDevyani asked 1 year ago
1 Answers
RaviRavi Staff answered 1 year ago

when we rectify last year misstatements in current year we pass it through prior period items, 
Prior Period Item Dr XXX
To Fixed Assets A/c XXX
so last year fixed asset balance wont be adjusted, adjustment will be done in current year and current year closing balance will be free from misstatements

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