Tooling advance
This query is : Resolved
28 December 2011
sir / madam
can you tell me the treatment of tooling advance in books of accounts and tax
can you tell me the treatment of tooling advance in books of accounts and tax
29 December 2011
Tooling advance given shall appear in the Balance Sheet under the head Loans & Advances.
Depreciation cannot be claimed on such advance.
Depreciation will be claimed on the FULL AMOUNT in the year in which the tool is actually received.
Entries will be as under:
Party A/c Dr.
To Bank A/c
(Advance given)
Tool A/c Dr.
To Party A/c
(Tool received and advance adjusted)
Depreciation cannot be claimed on such advance.
Depreciation will be claimed on the FULL AMOUNT in the year in which the tool is actually received.
Entries will be as under:
Party A/c Dr.
To Bank A/c
(Advance given)
Tool A/c Dr.
To Party A/c
(Tool received and advance adjusted)
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