09 July 2021
Sir, It assess some amount paid advance for fixed assets purpose in f.y.20-21.but invoice received and fixed assets purchase in f.y.21-22. Question: Assess above fixed assets transactions accounting treatment in books two years.
09 July 2021
1) advance will be shown as debit balance in the account of the vendor during the last year 2) purchase transaction will be recorded during the current year.
CAclubindia
