Materials used for office purpose
durgaprasad (accounts executive) (225 Points)
20 August 2016durgaprasad (accounts executive) (225 Points)
20 August 2016
G Sreenath
(Chartered Accountant )
(30 Points)
Replied 20 August 2016
Googol Plex
(26 Points)
Replied 21 August 2016
What is "used"? is; used = second-hand ? Or have you used new tiles ? Anyways the (owned) tiles used will be accounted along with change on value effected by time.
bhavani shanker
(article)
(82 Points)
Replied 22 August 2016
YOU HAVE PURCHASED TILES WITH INTENSION TO SOLD, BUT YOU ARE NOT SOLD..... SO UP TO EXTENT OF MATERIALS USED IN OFFICE DOESNOT COME UNDER PURCHASES SO DECREASE THE PURCHASES
CA Amrita Chattopadhyay
(Audit & Assurance)
(13349 Points)
Replied 22 August 2016
In my opinion, the used tiles cannot be reduced from purchase. In case of major repairs, cost of tiles has to be capitalized and for minor repairs they are needed to be shown in the Profit & Loss account.
durgaprasad
(accounts executive)
(225 Points)
Replied 22 August 2016
Thank you for nice response to all,
We owned tiles used for renovation of entire floor is consisting of 1000sft costing of Rs.300000/-. Can be spent on sigle time, it can be capitalised. If capitalised , how can we pass entry with inventory items(Inventory also reduce from closing stock) Please give your valuable suggestions
CA Amrita Chattopadhyay
(Audit & Assurance)
(13349 Points)
Replied 23 August 2016
You need to give credit to the Inventory as the inventory is reducing and debit the asset or in this case if it is not completed, you need to debit the work in progress
durgaprasad
(accounts executive)
(225 Points)
Replied 23 August 2016
as per your suggestions,
Inventory items has not supported when i pass the journal entry in tally erp. How can I do ?
CA Amrita Chattopadhyay
(Audit & Assurance)
(13349 Points)
Replied 23 August 2016
You need to enable the Inventory module in TALLY. For doing so, you need to go to GATEWAY OF TALLY. Press ALTF3 and maintain the Accounts with Inventory.
CA.Vinita Gupta
(Deputy Manager- Finance)
(2923 Points)
Replied 24 August 2016
Capital WIP Dr
To Inventory
Building/ Fixed Asset Dr
To Capital WIP
durgaprasad
(accounts executive)
(225 Points)
Replied 24 August 2016
Thank you verymuch for your nice clarifications and your kind attention !!!
I will follow your suggestions.............Thank Q you to all...
Avijit paul
(Accountant)
(29 Points)
Replied 01 May 2019
how to make entry of the the same in tally under gst
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