Fixed Assets
This query is : Resolved
11 August 2008
Hai,
I have one doubt about fixed asset buyback. We have purchase a new EPBX and sale the old one ie in the buy back scheme. Actual value of New set Rs.28,000/-, Old set Rs.10,000/- the net amount, actual they billed in the invoice Rs.18,000.
What was the treatment in our books of accounts?
Whether it is true the invoice show only the net value ? or how it show?
Shall we accounted the net amount?
Pls help me its urgent............
I have one doubt about fixed asset buyback. We have purchase a new EPBX and sale the old one ie in the buy back scheme. Actual value of New set Rs.28,000/-, Old set Rs.10,000/- the net amount, actual they billed in the invoice Rs.18,000.
What was the treatment in our books of accounts?
Whether it is true the invoice show only the net value ? or how it show?
Shall we accounted the net amount?
Pls help me its urgent............
20 August 2008
yes it seems that it shows only the net value..
but read the invoice carefully ... it'll specify the full value and reduce for the value it has taken the older asset and finnally it may be showing the net payable vakue
you have to capitalize with the whole value of 28000 and not 18000
you have to account for sale of fixed asset for 10000 not book the loss or profit as it may be
but read the invoice carefully ... it'll specify the full value and reduce for the value it has taken the older asset and finnally it may be showing the net payable vakue
you have to capitalize with the whole value of 28000 and not 18000
you have to account for sale of fixed asset for 10000 not book the loss or profit as it may be
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Stamp Paper for partnership firm change new income tax 2025
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Capital gain from sale of house property
- FORM 26A APPLICABILITY
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
