if company made a purchase of asset for rs. 10000 with a credit period of 2 yrs
then what is the entry as per IND AS
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Credit period
Replies (3)
Asset a/c dr
To creditor
at the time of purchase u should pass above entry
2) intrest a/c dr
To creditor
because u have to pay intrest for 2 months
3) at finally
creditor a/c
To cash/Bank
To creditor
at the time of purchase u should pass above entry
2) intrest a/c dr
To creditor
because u have to pay intrest for 2 months
3) at finally
creditor a/c
To cash/Bank
How much amount we have to recognise in asset
Asset a/c dr 10000
To creditor 10000
asset a/c dr (intrest)
To creditor (intrest)
creditor a/c dr 10000+int
to bank
intrest should be capitalise on asset cost hence it should not be treaTed as exp
To creditor 10000
asset a/c dr (intrest)
To creditor (intrest)
creditor a/c dr 10000+int
to bank
intrest should be capitalise on asset cost hence it should not be treaTed as exp
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