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On 1st January 2016, PQR company has purchased the equipment worth AED104,000. The equipment has an estimated life of 5 years and residual value of
On 1st January 2016, PQR company has purchased the equipment worth AED104,000. The equipment has an estimated life of 5 years and residual value of AED 4,000. Thecompany wrongly debited the amount to repairs expenses. The internal auditors of ABCCompany revealed the mistake in March 2019.Required :-Pass the necessary correcting entry in the year 2019 .
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