Recording in the books of accounts
This query is : Resolved
24 November 2015
Please correct me if I am wrong:
A Computer purchased Rs.50,000 and a Printer received free with it worth Rs.5000.
As per my knowledge the journal entry would be:
Computer Acc dr. Rs. 50,000
Printer Acc dr. Rs. 5,000
To Cash Rs. 50,000
To Revaluation Reserve Rs.5,000
In this way we can record the fair value of both the assets and we can depreciate printer by reducing Revaluation Reserve in the coming years.
Please suggest
A Computer purchased Rs.50,000 and a Printer received free with it worth Rs.5000.
As per my knowledge the journal entry would be:
Computer Acc dr. Rs. 50,000
Printer Acc dr. Rs. 5,000
To Cash Rs. 50,000
To Revaluation Reserve Rs.5,000
In this way we can record the fair value of both the assets and we can depreciate printer by reducing Revaluation Reserve in the coming years.
Please suggest
24 November 2015
Account computer for Rs. 45,000 and printer for Rs. 5,000.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR WITH 0 TURNOVER
- Purchase of property from NRI
- NRI get transferred fund from his own Indian account to his foreign US account without any approval
- How to pay tds on mhada property
- Query related to CA/CS/CMA Firm
- Value of Perquisite Sec.10 (10CC)
- CESS not claimed in GSTR3B either in inward supplies or outward supplies for the period Oct2025
- Sales of goods of amount Rs77 lakhs to a party
- Value of Perquisite Tax Borne by Employer
- Income from F&O trading
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
