Accounting treatment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 November 2011
We purchased Assets Rs. 50 L (Tax Invoice Rs. 50L), however we made full & final pay. of Rs. 49L (accepted by vendor). what will be correct a/c treatment :-
1) Book asset at Rs. 49L
2) Book asset at Rs. 50 L & Show Rs. 1 L as dis.
In second case we have to show Rs. 1L as income & will also be liable for tax
Pls provide suggestion in the matter
Thanks in advance :
Amit
1) Book asset at Rs. 49L
2) Book asset at Rs. 50 L & Show Rs. 1 L as dis.
In second case we have to show Rs. 1L as income & will also be liable for tax
Pls provide suggestion in the matter
Thanks in advance :
Amit
14 November 2011
book the assets of Rs. 50L and then issue debit note of Rs. 1l to vendor
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14 November 2011
If you have already booked the FA at 50 lakhs, then possibly you need to calculate deprecation on the same amount.
Now that in vendor payables account instead of 50 lakhs only 49 lakhs have to paid, the blance can be transferred to PL account as provision written back and offer the same to tax.
Regards
Chandan
Now that in vendor payables account instead of 50 lakhs only 49 lakhs have to paid, the blance can be transferred to PL account as provision written back and offer the same to tax.
Regards
Chandan
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14 November 2011
issue to debit note to vendor and credit to fixed assets of Rs. 1L
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