Fixed assets
Querist : Anonymous
FIXED ASSETS A/C DR.
TO SUPPLIER'S A/C
Then, at the time of making payment, discount of Rs. 2000 is received. What will be the treatment of such discount?
In accordance with the accounting standard Accounting for Fixed Assets', discount of Rs. 2000 is to be deducted from original cost i.e. Rs. 10000 to arrive at the historical cost.
Because it will be deemed to be price adjustments and hence will have to be adjusted from the original cost of fixed asset.
Regards
Querist : Anonymous
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