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
CA R SEETHARAMAN
(Expert)
24 November 2015
Account computer for Rs. 45,000 and printer for Rs. 5,000.
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