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Fixed assets

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 March 2012 Dear Sir,

On the purchase of Fixed assets like M/c, we are Dr.it to M/c a/c & Cr. to Party a/c.
Can we show the same m/c in purchase a/c first in Mfg. & Trading a/c & then pass the jv to trf. it to fixed assets.

pls suggest.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
09 March 2012 Fixed assets are never debited to Purchase Account.

Only material used in regular purchase is debited to Purchase Account.

Your sales tax figures have to tally with the purchase account.
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Ravi Jhamb

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Ravi Jhamb (Expert)
09 March 2012 Purchase and sale include only our trading activity of business. like purchase raw material and after process sale out as finished goods.
In query related to Car/bike dealer they contract with company and sale their vehicle.
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