Tooling advance
This query is : Resolved
28 December 2011
sir / madam
can you tell me the treatment of tooling advance in books of accounts and tax
can you tell me the treatment of tooling advance in books of accounts and tax
29 December 2011
Tooling advance given shall appear in the Balance Sheet under the head Loans & Advances.
Depreciation cannot be claimed on such advance.
Depreciation will be claimed on the FULL AMOUNT in the year in which the tool is actually received.
Entries will be as under:
Party A/c Dr.
To Bank A/c
(Advance given)
Tool A/c Dr.
To Party A/c
(Tool received and advance adjusted)
Depreciation cannot be claimed on such advance.
Depreciation will be claimed on the FULL AMOUNT in the year in which the tool is actually received.
Entries will be as under:
Party A/c Dr.
To Bank A/c
(Advance given)
Tool A/c Dr.
To Party A/c
(Tool received and advance adjusted)
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
- Gst registration in the state of maharashtra
- Service Provider GST
- 26B Form submission
- Input tax credit on officw kitchen furniture fixed to wall and drawers
- TDS on amenities like electriity / transformer
- What is turnover in case of intra day trading?
- Input tax credit on modular office kitchen
- Wrong calculation in Assessment order and opted vivad se viswas scheme 2024
- 24Q Return Filling Error
- TDS on video/ photos edit
- Query regarding filling form 112 during articleship
- Input Credit available in Credit ledger
- If the GSTR1 filed after due date and the invoices mentioned GSTR1-A, will we be able to claim ITC o
- REGARDING RETIREMENT OF PARTNER
- Regarding consequences of retirement of partner in firm
- Time Limit for Availment of ITC laying in ITC Reversal Ledger
- Tally entry - Debit note
- Debit Note of GST amount
- Regarding ITC taken or not
- GSTP registered individual should apply gstin for trading business
Trending Online Classes
-
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)
Industry Expert17 May 2025
CAclubindia
