Fixed assets purchase

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Querist : Anonymous

Querist : Anonymous (Querist)

14 May 2016 please let me know that I purchase computer for office as a fixed assets with discount then which amount I booked as a fixed assets with commission or without commission.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 May 2016 You have to book the fixed asset after deducting the discount.

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Querist : Anonymous

Querist : Anonymous (Querist)

14 May 2016 ok sir thanks. then I don't book discount entry.

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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14 May 2016 Actual price (After deducting the Commission) which you have paid.

Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615

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Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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14 May 2016 If discount is shown in purchase invoice then you have to take net amount as fixed assets.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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14 May 2016 Fixed assets should be booked at invoice value.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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14 May 2016 Fixed assets should be booked at invoice value.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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14 May 2016 Fixed assets should be accounted at net of discount. Inference - Clause 9.1 of AS -10.

Querist : Anonymous

Querist : Anonymous (Querist)

16 May 2016 COMPUTER PURCHASE AMT. 275700 WITH 5% VAT , DISCOUNT 30700 , NET PAY 245000 . I COMPLETED WITH ENTRY FIXED ASSET TO BANK RS. 245000 . BUT DISCOUNT ENTRY ? COMPUTERA/C 275700 , DISCOUNT A/C 30700 PARTY A/C 245000 THIS IS RIGHT OR

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 May 2016 First entry you have passed after considering discount. No need for further entry for discount.

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