Hi,
Suppose I have bought a vehicle having value of Rs.2,00,000 on July 2010 on installments, thus I paid only Rs.50,000 till March2011, so what will be the depreciation amount to be entered in accounts. Also, how will the entry of vehicle will be done in accounts. I mean, in final balance sheet, will the amount of vehicle in fixed assets be Rs.50,000-depreciation amount, or Rs. 2,00,000-depreciation. If later is correct, then how I'll have to show its entry in accounts.
Please explain. Thanks in advance.
CAclubindia
