Journal entry
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 December 2011
we have petrol bunk one dg set (machine)used in petrol bunk and daily we use diesel to dg set its expenditure to petrol bunk so how to show expenses if we debit the hsd & lubricants what we cr., its not sale or purchase it use for dg machine (i.e. for maintenance)is it capital expenditure or not
31 December 2011
(I didn't understand your question... but answering by believing that you are purchasing Fuels and then consuming it in your plant)
If at the time of purchase you have passed this journal entry...
Purchase A/c. Dr.
To. Cash / Supplier A/c.
then for consumption you will have to show this entry...
HSD & Lubricants A/c. Dr.
To. Purchase A/c.
If at the time of purchase you have passed this journal entry...
Purchase A/c. Dr.
To. Cash / Supplier A/c.
then for consumption you will have to show this entry...
HSD & Lubricants A/c. Dr.
To. Purchase A/c.
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 December 2011
sorry for confused you sir its not sale or purchase because petrol bunk has its own D.G. set so daily they use diesel for maintenance its expenses to the co.,na my query is that it is capital expenditure or not if we debit to hsd and lubricants what we will show for cr.,entry
31 December 2011
It is not capital expenditure. Capital expenditure is an expense which increases the life or output of an asset.
Diesel is consumed for running the DG set.
At the time of procurement, entry will be:
HSD & Lubricants (Indirect Expenses) Dr
To Cash/Supplier
No further entry will be passed at the time of consumption.
If you want to maintain stock of diesel, then maintain it manually.
Diesel is consumed for running the DG set.
At the time of procurement, entry will be:
HSD & Lubricants (Indirect Expenses) Dr
To Cash/Supplier
No further entry will be passed at the time of consumption.
If you want to maintain stock of diesel, then maintain it manually.
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?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
