Accounting entry

This query is : Resolved

Mugdha (Querist)
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20 December 2016 Dear Experts,

Our company has purchased 2 swipe (pos machine). What would be accounting entry for this. swipe machine comes under fixed assest or not.

Please guide me .

Sandeep Dharar

Sandeep Dharar (Expert)
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20 December 2016 U must show it under Fixed Assets, under plant and machinery block. And can claim depreciation @15% as per IT Act.

Swipe machine (Fixed assets)
To bank

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Mugdha

Mugdha (Querist)
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20 December 2016 Thank u so much sir,

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Sandeep Dharar

Sandeep Dharar (Expert)
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20 December 2016 U r always welcome dear. If u like my reply then u can show ur appreciation by hitting the like button.