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Accounts

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(Querist)
01 July 2015 I have purchased a new AC and have sold old AC in cash and also paid installation charges Rs. 1000/- in cash so how to account this?
should i account the purchase and sale entry separately? also installation charges will be clubbed with AC amount
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Ankur Singhal

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Ankur Singhal (Expert)
01 July 2015 dear ridhi
u can purchase ac in cash section 40a(3) will not get attracted.
Yes do the entry of sale & purchase separately.
Also add the installation cost to the value of asset.
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riddhi

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riddhi (Querist)
03 July 2015 can you send the article where the assets which can be purchased in cash is given. I dint knew about that AC can be purchased in cash.
Thanks a lot
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Ankur Singhal

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Ankur Singhal (Expert)
03 July 2015 Dear Riddhi

I think ur getting confused in section 40A(3)where expenses more than Rs.20000/- are disallowed.
Do not get confused any asset can be purchased in cash.
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