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depreciation

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(Querist)
06 October 2008 sirs,

when books are maintained on cash basis and asset is not paid for as yet. but it is used for business. depreciation can be claimed. but in our balance sheet there will be no asset. so how do we account for depreciation?

thanks
tima
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CMA Jitendra Singh

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CMA Jitendra Singh (Expert)
06 October 2008 Depreciation can not be claimed till value of assets comes in b/s
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CA V. Mohanakrishnan

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CA V. Mohanakrishnan (Expert)
06 October 2008 pay for the asset account and claim depreciation or maintain the books on accrual basis
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