A company had purchased a seagate harddisk worth Rs. 13500. Whether it's treated as a new asset purchased or repair and maintanence? Though company passed entry
stationary a/c dr
To Bank A/c
20 Replies
Deepak Gupta
(CA Student)
(15922 Points)
Replied 19 November 2012
| Originally posted by : karan jit singh | ||
 |
A company had purchased a seagate harddisk worth Rs. 13500. Whether it's treated as a new asset purchased or repair and maintanence? Though company passed entry stationary a/c dr To Bank A/c |
 |
If there is any improvement, like increase in the capacity of the hard disk, then it will be capitalised and added to the cost of the computer otherwise debit to repairs and maintenance account.
karan jit singh
(Consultant)
(1299 Points)
Replied 19 November 2012
please suggest that entry passed by company is correct or not
???
Ranganathan K
(Manager-Accounts & Audit)
(329 Points)
Replied 19 November 2012
The journal entry should be passed as shown below:
Repairs & maintenance (Pl & machinery) A/c
To Bank A/c
Ravi Shankar Dubey
(zindagi ek sangharsh)
(100 Points)
Replied 19 November 2012
Journal Entry
New Assests Purchased or Computer A/c Dr
To Party
Payment
Party A/c Dr.
To Bank/Cash
CA SUMIT LAL
(PROPRIETOR)
(83 Points)
Replied 19 November 2012
Whatever be the case, it can not be debited to "STATINARY A/C"
better to capitalise it, for the want of materiality and auditing conseptions (generally accepted) to
Computer A/c
Hence
Computer A/c Dr
Ajay Chahal
(ca final)
(42 Points)
Replied 19 November 2012
if p[revious harddisk is crashed then it will treat as
Repairs & maintaince A/c Dr.
To Cash/Bank A/c
If this is in addition and increases the efficiency of the computer then it should be capitalised and the below entry should be passed-
computer a/c Dr.
To Cash/Bank a/c
santosh sharma
(services)
(134 Points)
Replied 19 November 2012
itne saare answers dekhkar chakkar aa gaya pata nahi kon sa sahi hai....
regards
Komal Sharma
(Assistant Accountant)
(1887 Points)
Replied 19 November 2012
If the hard disk purchased for the purpose of increasing the efficiency of ur computer and the computer is used for generating revenue in ur business then entry should be
Computer A/c Dr.
To Bank/party/cash A/c
Otherwise entry should be
Repair and Maintainence A/c Dr.
To Bank/Party/Cash A/c
The entry passed by ur company is totally wrong.
Komal Sharma
(Assistant Accountant)
(1887 Points)
Replied 19 November 2012
Don't be confused just go with the majority..................
karan jit singh
(Consultant)
(1299 Points)
Replied 19 November 2012
| Originally posted by : santosh sharma | ||
|
|
itne saare answers dekhkar chakkar aa gaya pata nahi kon sa sahi hai.... regards |
|
karan jit singh
(Consultant)
(1299 Points)
Replied 19 November 2012
Today I argued with accountant. He said me that generally we take all purchase of computer related items which generally available in Stationary is treated as Stationary by us. We are doing from last 8 years.
Guys you know I amazed...How ppl follow there last generations without analysing it.
Now I need a proof or AS or any thing which I can make his mouth shut as soon as possible.
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