hi Sir ,
my client are started the business in repaired and maintenance for year 2020 and his return file is first time. so the problem are created he purchase a vehicle for year 2015. then what are depreciation calculated and get final value in balance sheet assets.
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Balance sheet fixed assets
Replies (8)
How this vehicle is for Business purpose or connected to business ?. , when business is started and registered in 2020 , and vehicle purchase in the year 2015.
Personal vehicle and business is start from 20215 but but file the return for first time in year 2020
Vehicle Invoice should be in the name of Business to show in Balance sheet .
Can I show in balance sheet and how will get depreciation
Pls post some values so the impact can be assessed.
My advice. ascertain fair market value in 2020 and treat it as capital introduced and then take depreciation from 2020 at applicable rate
Vehicle invoice must be in the name of business entity which have to be shown in balance sheet
Post accurate figures to ascertain the figures.
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