transaction of fixed assets
This query is : Resolved
15 March 2008
I want to know about If any transaction may be recorded in the books beyond the bill date then what'll be effected in diffrent type of areas(like taxation,accounting standards)?like that i have purchased any type of fixed assets on 2.2.2007.but i have entered in the books in 31.12.2007.so does it applies any AS,AAS.& also effects in taxation.
15 March 2008
taxation- depreciation is allowed at full percentage.
15 March 2008
The entry is to be recorded at the time of transaction itself. Refer AS 10,AS6
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