NON-CONSIDERATION OF FIXED ASSET

This query is : Resolved

Devendra (Querist)
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08 March 2011 DURING THE PREVIOUS YEAR OF AUDIT OF M/S XYZ, A P'SHIP FIRM THE PRINTER PURCHASED DURING THE YEAR WAS NOT TAKEN INTO THE ACCOUNTS. ALSO NO DEPRECIATION WAS CLAIMED ON IT DURING THE THAT YEAR OF AUDIT. NOW THE ASSESSEE FIRM WANTS TO SHOW IT IN THE BOOKS OF A/CS OF THE CURRENT YEAR. HOW TO SHOW IT IN THE BOOKS OF A/CS OF THIS YEAR?
THE CLOSING BALANCE OF FIXED ASSET OF THE LAST YEAR AND OPENING BALANCE OF THIS YEAR WILL NOT MATCH

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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09 March 2011 IN CASE NO PAYMENT MADE:
Do not make payment to the supplier, as his bill remained unpaid.
Request the supplier to issue a current year's bill for the printer.

He may cancell your old bill or shift it otherwise.
IN CASE PAYMENT DEBITED IN THE NAME OF SUPPLIER:

cREDIT HIS ACCOUNT BY DEBITING THE PRINTER A/C.
( AS IF PUT TO USE FROM THE CURRENT YR)