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In double entry accounting, how do you account for an old asset that was previously off the books?


Every month, I do an income statement, a balance sheet, and a cash flow statement. One day, I discover a large sum of money in a shoe box, which I had placed there a long time ago and simply forgotten about. Normally, equity is affected only by income and expenses. But this isn't income, because it was already my money. What is the customary way of handling this?

 

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MBA2010 profile image60

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