FIXED ASSET TRANSFER
This query is : Resolved
24 September 2008
Dear Member,
I am working with Service Indusrty.
We are having 20 branches in Mumbai Region.
In case if we closed one branch & fixed assets pertaining to that branch transfer to another existing/new branch.
What entry in Tally & What correction in Fixed Asset Register, i am supoose to do?
Please reply urgent.
I am working with Service Indusrty.
We are having 20 branches in Mumbai Region.
In case if we closed one branch & fixed assets pertaining to that branch transfer to another existing/new branch.
What entry in Tally & What correction in Fixed Asset Register, i am supoose to do?
Please reply urgent.
24 September 2008
As the same assets are shifted to one branch to another branch ,so there is no ipmact in the fixed assets register of the Head Office main company.
In case of branch level accounting assets have to be credited and the branch in which same have been transferred need to be debited with value of assets.
In contra,the receiving branch is suppose to pass the same entries.
In case of branch level accounting assets have to be credited and the branch in which same have been transferred need to be debited with value of assets.
In contra,the receiving branch is suppose to pass the same entries.
24 September 2008
I think the Location Comumn also needs to be ammended as required by CARO.
24 September 2008
yes,Location column in Fixed Asset register need to be ammended
25 September 2008
Shifting of Assets from one unit to the other may done by preparing a document which may be called as 'Shifting Memo'. It shold contain the following information:
1. Date
2. Unit wherefrom being shifted
3. Unit where it is being shifted
4. Tag no as given to the Asset
5. Brief Description of the Asset
6. Date of acquisition of the asset
7. Vendor from whom acquired
8. Original Total Cost
9. Accumulated Depreciation till date
10. Details of AMC or Warranty, if any
Entry for shifting of this should be passed in the Fixed Assets Register which will define the new location of that Asset.
Two copies of the same may be sent alongwith the asset one of which will be received with acknowledgement by ur counterpart at the other unit which may be retained on ur records.
In case seperate books of accounts are maintained at both the units then transfer entry for the asset may be passed.
THE ABOVE PROCEDURE WILL HELP IN KEEPING THE TRACK OF THAT ASSET BESIDES THE STATUTORY COMPLIANCES.
1. Date
2. Unit wherefrom being shifted
3. Unit where it is being shifted
4. Tag no as given to the Asset
5. Brief Description of the Asset
6. Date of acquisition of the asset
7. Vendor from whom acquired
8. Original Total Cost
9. Accumulated Depreciation till date
10. Details of AMC or Warranty, if any
Entry for shifting of this should be passed in the Fixed Assets Register which will define the new location of that Asset.
Two copies of the same may be sent alongwith the asset one of which will be received with acknowledgement by ur counterpart at the other unit which may be retained on ur records.
In case seperate books of accounts are maintained at both the units then transfer entry for the asset may be passed.
THE ABOVE PROCEDURE WILL HELP IN KEEPING THE TRACK OF THAT ASSET BESIDES THE STATUTORY COMPLIANCES.
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
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- F & O PROFIT REPORTING FOR AY 2026-27
- Banking Related Issue
- Taxability of credit in canara bank ET & T section (NRO)
- ITR-Capital Gain
- TAX AUDIT QUESTION
- Reporting in TDS return
- Gst on travel by air for business purposes
- Loss of interest in PF transfer from EPFO to Trust
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- TDS offline utility
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Housing Society-ITR5
- 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
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
