Fixed assets
This query is : Resolved
20 July 2015
Dear all,
I purchased Plant & Machinery for RS 50 crores on instalment basis i.e 10crores for 5 instalment . Subsequently while paying last instalment the vendor wavied off Rs 10 Lakhs.
My query is whether shall I decrease Plant & Machinery value for Rs 10Lakhs in my books of accounts for subsequent changes.
will it deffer if it is not an instalment basis?
I purchased Plant & Machinery for RS 50 crores on instalment basis i.e 10crores for 5 instalment . Subsequently while paying last instalment the vendor wavied off Rs 10 Lakhs.
My query is whether shall I decrease Plant & Machinery value for Rs 10Lakhs in my books of accounts for subsequent changes.
will it deffer if it is not an instalment basis?
CA R SEETHARAMAN
(Expert)
20 July 2015
Yes reduce the machinery value. It will not differ.
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