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Plant and machine

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shriyeshjain

shriyeshjain (Querist)
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01 July 2012 Sir,
If a company purchase a machine of RS.10lacs and after some months company do negotiation and pay only 9.5lacs.But machine is recorded at 10lacs. But what will be the adjustment of 0.5lacs Is it a discount then where it will shown?
Thanku.

BHARATH KOTHARI

BHARATH KOTHARI (Expert)
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01 July 2012 Hey Shriyesh

in case of Fixed Asset if we receive any discount it is always advisable to reduce from the cost price of fixed asset

becuz that is not an income which we receive regulary

shriyeshjain

shriyeshjain (Querist)
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01 July 2012 Can we treat it as a miscellaneous Income?

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