Treatment of discount on fixed asset
This query is : Resolved
CA. Tarun Navlani
(Querist)
04 February 2009
Dear All,
If fixed asset is purchased and if supplier allows discount on the price of the same which is shown separately in the purchase bill,whether such discount should be credited to Profit and Loss A/c or reduced from the cost of the fixed asset?
If fixed asset is purchased and if supplier allows discount on the price of the same which is shown separately in the purchase bill,whether such discount should be credited to Profit and Loss A/c or reduced from the cost of the fixed asset?
CA. B.SRINIVASULU
(Expert)
04 February 2009
Discount given has to be reduced from the cost of the fixed asset.
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