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Fixed Assets

anji (ACCOUNTANT) (142 Points)

24 March 2018

without Bill FIXED ASSETS can I shown in balance sheet yes or no

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13 Replies

prasad Nilugal ( GST Practitioner & Accounts ) (14801 Points)
Replied 24 March 2018

No you can not show in the balancesheet , also Bill (Invoice ) of asset should be in the name of company in order in enter in to books of accounts of the company as documentry evidence .

Documentry evidence is Important for audit purpose as well .

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srikumar (audit staff) (1203 Points)
Replied 24 March 2018

pass cash entry for fixed assets

1 Like

Divakar (Student CA Final ) (11857 Points)
Replied 24 March 2018

If u made payment through cheque for that then u hv certainly bill... Then u can claim... Otherwise u can't show it in books

anji (ACCOUNTANT) (142 Points)
Replied 24 March 2018

for purchase of fixed assets without invoice I made payment in current account but can not received invoice shall I shown in company books of accounts please reply

Divakar (Student CA Final ) (11857 Points)
Replied 24 March 2018

Ask for that invoice... Otherwise it will be under loans and advance accounts treated...

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Rahul Prasad (CA Student) (1683 Points)
Replied 24 March 2018

Bill is important for documentation . but if rarely not available then take entry on the basis of bank entry payment made.

Divakar (Student CA Final ) (11857 Points)
Replied 24 March 2018

Yes... If u don't record that fixed assets it stood as loan and advance in ur books.... In case of scrutiny bill may be asked by AO

CA Naveen Chand (Chartered Accountant) (12729 Points)
Replied 24 March 2018

YOU CAN MAKE ISSUE DUPLICATE BILL COPY FROM THE SUPPLIER FOR SUPPORTING

AND FOR CLAIMING INPUT TAX CREDIT , POSSESSION OF INVOICE IS MANDATORY UNDER GST.

prasad Nilugal ( GST Practitioner & Accounts ) (14801 Points)
Replied 25 March 2018

Bill is important for audit purpose ,you can not show purchase of asset in books of aucounts only on bank entry .

Shivam RC (Student) (23683 Points)
Replied 25 March 2018

Agree with Prasad Sir...

1 Like

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Avinash Kumar (CA-Final Students) (192 Points)
Replied 25 March 2018

Invoice of anything is a proof of your ownership associated with fixed assets, and without this you can not proof, you are legal owner of assets, then you are not eligible to shown it as assets in your balance sheet. It is applicable for both individual as well as coporate entity. You also can not claim ITC under GST without invoice and also depreciation.