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Advance paid for fixed asset

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 August 2015 Hi my client paid advance (Full amount) for laptops worth 20 Lac on 25th March 2015. But the Laptops were recieved on May 2015. So my query is whether to account that advance as Current Asset or should it be treat as Fixed Asset WIP if yes whether to charge depreciation on it.
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Amol S Joglekar

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Amol S Joglekar (Expert)
19 August 2015 01. No depreciation to be charged for 2014-15

02. It is Advance for Fixed Asset to be shown as current.
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