accounts
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 December 2010
sir, crockery purchased is given at the payments side of (receipts and payments a/c), so plz tell me weather it come on expenditure side of (income and expenditure) or not and plz give reason also plzzzzzz sir
12 December 2010
IT may be a consumale goods or it may be traeted as an assets, depend upon the amount of purchase.
If it has lower value it is treated as consumale goods, and it come on expenditure side of (income and expenditure
Otherwise treated as an assets
If it has lower value it is treated as consumale goods, and it come on expenditure side of (income and expenditure
Otherwise treated as an assets
12 December 2010
Assuming this is a lower amount this should be treated as revenue item rather than capital nature,
than it has to be shown in receipt & payment as this is paid by the concern and it is to be shown in income & expenditure as this is a expenditure for concern and every expenditure have to be shown in income & expenditure account.
Your Welcome
than it has to be shown in receipt & payment as this is paid by the concern and it is to be shown in income & expenditure as this is a expenditure for concern and every expenditure have to be shown in income & expenditure account.
Your Welcome
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Tax on Deemed Capital Gain
- Section 194JA & JB Income which ITR Form to use
- Regarding ITR filing with more value than showing in AIS/TIS
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
