Advance to supplier for purchase of fixed assets
This query is : Resolved
Kapil Agarwal
(Querist)
12 March 2014
Hello Professional Friends,
One of my client has paid an amount of Rs.75,000 to a Vendor as advance towards purchase of computers. But before the delivery date the vendor discontinued the business and is not traceable right now.
How to treat this loss of Rs 75000 ?? Please suggest appropriate accounts head.
One of my client has paid an amount of Rs.75,000 to a Vendor as advance towards purchase of computers. But before the delivery date the vendor discontinued the business and is not traceable right now.
How to treat this loss of Rs 75000 ?? Please suggest appropriate accounts head.
19 March 2014
It is a business loss which is admissible as deduction u/s 37 of the Income Tax Act.
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