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Accounting of capital goods

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 August 2017 Dear Sir,

Our Co. bought a New Machinery in Parts and its Assemble and Install at Factory. A bought a parts on different date. Please Suggest to how to its record in the books because if we record as in parts then inventory and Fixed assets both will creates and it show in balance sheet as current assets. And also please suggest treatment of tax liability.
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RAJA P M

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RAJA P M (Expert)
09 August 2017 Create the asset name under fixed asset. Dr. Asset - XXXXX Dr. Tax value - XXX Cr. Supplier name - XXXX...

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