Hello. Our company recently bought a Bharat pay swipe machine, which has a refundable deposit included in the amount. How can we account it in the books?
Drishti Agarwal (Director- Rebounce ) (26 Points)
17 June 2022Hello. Our company recently bought a Bharat pay swipe machine, which has a refundable deposit included in the amount. How can we account it in the books?
prasad Nilugal
( GST Practitioner & Accounts )
(14612 Points)
Replied 17 June 2022
Pass following entry .
Swipe Machine A/c Dr
Security Deposit A)c Dr
Input CGST A/c Dr
Input SGST A/c Dr
To Trade Creditors A/c Cr
( Purchase of Swipe Machine )
..........
Note -
1) Show Swipe Machine under Non Current Asset , Balance sheet
2) Show Security Deposit under Current Asset, Balance sheet .
Always Ask separate receipt for Security Deposit
CA Rashmi Gandhi
(Chartered Accountant)
(86313 Points)
Replied 17 June 2022
sabyasachi mukherjee
(27330 Points)
Replied 20 June 2022
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