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Accounting for machinery

Atharv Sankliya (1323 Points)

15 June 2022

how thousands of machinery is recorded in books and their depreciation ??

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Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (3388 Points)
Replied 15 June 2022

A seperate register to be maintained for recording purchase of machinery date wise and put a seperate column for depreciation and net amount in a particular year

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Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 15 June 2022

It will be considered in a particular block of assets under PPE as per AS-10

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CA Rashmi Gandhi (Chartered Accountant) (86308 Points)
Replied 16 June 2022

You have to maintain a register or record it in some excel. You may also provide separate details in ITR

Also you can arrange machineries block wise

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Eswar Reddy S (CFO- at NHTF) (58263 Points)
Replied 16 June 2022

If you are maintaining it in software then it's fine. Else excel is sufficient and need not be manual register

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CA Rashmi Gandhi (Chartered Accountant) (86308 Points)
Replied 16 June 2022

Stop repeating your replies, increase your knowledge to reply in one shot @ eshwar Reddy . I think it's easy for Some literate person to understand what is meaning of replying once or single reply or non repeatedly reply. Even after saying on about more than 50 post you are replying again and again like a fool.