balance sheet as on 31/03/19
liabilities. assets
creditor 10 lac car 10 lac
balance sheet as on 31/03/2020
liabilities. assets
creditor 10 lac. car 10 lac
less dep 1 lac = 9l
what is the problem here ??
9 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 26 October 2021
There is no cash or bank balance??
Janak Shah
(ca)
(603 Points)
Replied 27 October 2021
Depreciation rate for car is 15% and Asset is not equal to Liability
CA Raj Doshi
(Practising CA)
(8924 Points)
Replied 27 October 2021
Depreciation is 1L. So it will form part of loss from p/l account which will be transferred to capital account. capital account would be 1 lakh debit.
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 27 October 2021
So, then 1 lakhs loss of depreciation should be under capital debit balance
CA Raj Doshi
(Practising CA)
(8924 Points)
Replied 27 October 2021
Thankyou sourav for concurring with my view.
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 27 October 2021
I still did not get if 100% can Be claimed on depreciation and thanks to everyone for keeping tax aspects to themselves. Anyways, since I’m a genius in accounting,
there is no problem with the above philosophy because depreciation of 1 lakh will reduce liabilities by one lakh, that is if one can claim 1 lakh claim.
that is just a theory
sabyasachi mukherjee
(27574 Points)
Replied 30 October 2021
Current assets and non current assets not properly segregated.
liabilities not properly mentioned.
liabilities not properly mentioned.
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