NON-CONSIDERATION OF FIXED ASSET
This query is : Resolved
08 March 2011
DURING THE PREVIOUS YEAR OF AUDIT OF M/S XYZ, A P'SHIP FIRM THE PRINTER PURCHASED DURING THE YEAR WAS NOT TAKEN INTO THE ACCOUNTS. ALSO NO DEPRECIATION WAS CLAIMED ON IT DURING THE THAT YEAR OF AUDIT. NOW THE ASSESSEE FIRM WANTS TO SHOW IT IN THE BOOKS OF A/CS OF THE CURRENT YEAR. HOW TO SHOW IT IN THE BOOKS OF A/CS OF THIS YEAR?
THE CLOSING BALANCE OF FIXED ASSET OF THE LAST YEAR AND OPENING BALANCE OF THIS YEAR WILL NOT MATCH
THE CLOSING BALANCE OF FIXED ASSET OF THE LAST YEAR AND OPENING BALANCE OF THIS YEAR WILL NOT MATCH
CA PARAS BAFNA
(Expert)
09 March 2011
IN CASE NO PAYMENT MADE:
Do not make payment to the supplier, as his bill remained unpaid.
Request the supplier to issue a current year's bill for the printer.
He may cancell your old bill or shift it otherwise.
IN CASE PAYMENT DEBITED IN THE NAME OF SUPPLIER:
cREDIT HIS ACCOUNT BY DEBITING THE PRINTER A/C.
( AS IF PUT TO USE FROM THE CURRENT YR)
Do not make payment to the supplier, as his bill remained unpaid.
Request the supplier to issue a current year's bill for the printer.
He may cancell your old bill or shift it otherwise.
IN CASE PAYMENT DEBITED IN THE NAME OF SUPPLIER:
cREDIT HIS ACCOUNT BY DEBITING THE PRINTER A/C.
( AS IF PUT TO USE FROM THE CURRENT YR)
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