a fixed asset was purchased i.e.29.11.2006 but due dispute with bank the paper of that asset was not received till 10.12.2007 know the problem is that how to enter that bill in the books of accounts in 2007-2008 yr.
Wheather we can claim Deprication and other repair & Running expenses on that asste in this 07-08 yr of 06-07.
20 March 2008
You have to book the asset and claim depreciation for both the years. As regards depreciation for the previous year, a note has to be given.
CAclubindia
