Asset put to use in pr yr but returned now
This query is : Resolved
16 June 2009
A company purchased an Machine in Mar 09 & also put to use it in Mar 09. Accordingly it charged, dep over the asset under both IT Act & Cos Act but in May 09, some fault found in Machine and is returned back to vendor. Now, how shd company pass entries for Asset Return and dep over it for 2008-09 & as well as for 2009-10 under both Cos Act & IT Act?
17 June 2009
Whether the asset is returned forever, or is it given for replacement / Repair???
If the asset is given for repairs, then deprn will be charged as usual.
If the asset has been returned back, then the effect will be same as in case of sale of asset. Depreciation for 08-09 need to be touched.
If the asset is given for repairs, then deprn will be charged as usual.
If the asset has been returned back, then the effect will be same as in case of sale of asset. Depreciation for 08-09 need to be touched.
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