Depreciation
This query is : Resolved
29 January 2010
Respected Sir,
If an asset is purchased for Rs.700000 & payment is made by bank Rs.600000 & balance Rs.100000 is made by Cash & such asset is used for Business then Can Depreciation be claimed for entire Rs 700000 or not.
Thanks
Debashis
If an asset is purchased for Rs.700000 & payment is made by bank Rs.600000 & balance Rs.100000 is made by Cash & such asset is used for Business then Can Depreciation be claimed for entire Rs 700000 or not.
Thanks
Debashis
29 January 2010
If you have actually incurred Rs.7 lac why would you claim depreciation for 6 lacs.
See, You need to have a prima facia evidence i.e, a cash receipt of Rs.1.0 lac.
If you have it you should show your asset at 7.0 lac & claim depreciation thereon.
See, You need to have a prima facia evidence i.e, a cash receipt of Rs.1.0 lac.
If you have it you should show your asset at 7.0 lac & claim depreciation thereon.
29 January 2010
Cost of asset is Rs.700000. As such depreciation is to be claimed on the full cost irrespective of source of funds whether own or borrowed.
29 January 2010
agree with experts
29 January 2010
in case of fixed assets there is no diff on cash payment.Frist you must concentrate on that fixed asset Invoice value 7 LACs and then u concentrate on payment receipts(both cash and bank) its enough for clime on 7lacs value
30 January 2010
Respected Experts
Thanks to every one for your answers
Debashis
Thanks to every one for your answers
Debashis
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