Fixed Assets
This query is : Resolved
11 August 2008
Hai,
I have one doubt about fixed asset buyback. We have purchase a new EPBX and sale the old one ie in the buy back scheme. Actual value of New set Rs.28,000/-, Old set Rs.10,000/- the net amount, actual they billed in the invoice Rs.18,000.
What was the treatment in our books of accounts?
Whether it is true the invoice show only the net value ? or how it show?
Shall we accounted the net amount?
Pls help me its urgent............
I have one doubt about fixed asset buyback. We have purchase a new EPBX and sale the old one ie in the buy back scheme. Actual value of New set Rs.28,000/-, Old set Rs.10,000/- the net amount, actual they billed in the invoice Rs.18,000.
What was the treatment in our books of accounts?
Whether it is true the invoice show only the net value ? or how it show?
Shall we accounted the net amount?
Pls help me its urgent............
20 August 2008
yes it seems that it shows only the net value..
but read the invoice carefully ... it'll specify the full value and reduce for the value it has taken the older asset and finnally it may be showing the net payable vakue
you have to capitalize with the whole value of 28000 and not 18000
you have to account for sale of fixed asset for 10000 not book the loss or profit as it may be
but read the invoice carefully ... it'll specify the full value and reduce for the value it has taken the older asset and finnally it may be showing the net payable vakue
you have to capitalize with the whole value of 28000 and not 18000
you have to account for sale of fixed asset for 10000 not book the loss or profit as it may be
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Sale of property furniture sale
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- RCM INVOICING FROM NOV-2024
- Confusion around Form 26QB fields
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
