Hi Expert,
I have faced this scenario recently.
We have one asset worth .50000 rs . life time 8 years , two years has passed . yearly 6250 rs as a depreciation .
After two years my asset got damaged . We check with engineer that machine will work once we did the service .
So we did service , cost is worth 3700 rs . What are the entries i need to pass in the system
1. service vendor payment through fb60 .
Vednor ac - dr 3700
To bank ac -cr 3700
but what will happen in the asset side .is there any changes in the depreciation ,
do i need to included 3700 expence with asset APC .
Kindly help me with this situation .
Thanks,