Nitu Choudhury (Student) (39 Points)
17 August 2012
CA Sanjay Bag
(CHARTERED ACCOUNTANT)
(3340 Points)
Replied 17 August 2012
It will be as follows:
Purchase Account................Dr 15,00,000
To, Party Account 12,00,000
To, Stock in trade Account 3,00,000
Abhijeet Deshpande
(Co-Founder & Manager @ Tax-Yantra)
(1171 Points)
Replied 17 August 2012
CA. Subhash Dangi
(Chartered Accountant)
(1784 Points)
Replied 17 August 2012
1.Account for purchase of new Instrument of Rs. 15 lakhs
Fixed Asset A/c .......Dr. 15L
To Supplier A/c 15L
2. On replacement of old instrument:
Depreciation on old Instrment (upto sale). Dr xxx
Supplier A/c Dr. 3L
Loss on Sale of Asset Dr. xxx (in case of Loss only)
To. Fixed Asset Account xxx (cost of Old instrument)
To Gain on sale of Asset xxx (in cash of gain only)
(Gain or Loss on sale of asset aries based on WDV value of asset as on the date of sale)
CAclubindia
