Accounting of capital goods
This query is : Open
Querist : Anonymous
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.
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.
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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