Deposit for asset

This query is : Resolved

siva krishna (Querist)
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11 February 2011 Our company deposited 1000/- as deposit fee for Honda Activa and it should be delivered in April 2011 so now my doubt is what entry should i pass for that 1000 in my books and also please suggest thier respective undergroups i have to give in Tally

thanks in advance

CA Anisha Ray

CA Anisha Ray (Expert)
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12 February 2011 The entry to be passed in tally will be:

Deposit for Asset A/c ...Dr. 1000
To Cash / Bank A/c 1000

Deposit will be reflected under Current Assets group as an asset till the time you receive the asset.