Treatment of Special discount on an Asset..Urgent Sir!!!
This query is : Resolved
08 August 2010
Dear Experts,
An Assessee has got special discount for purchase of an Fixed Asset. While calculating depreciation for purchase of such Fixed Asset should i have to deduct the special discounted received by the Assessee from the Additions column itself( since this being the first year of purchase)
Thank you.
With regards,
Rajesh.
An Assessee has got special discount for purchase of an Fixed Asset. While calculating depreciation for purchase of such Fixed Asset should i have to deduct the special discounted received by the Assessee from the Additions column itself( since this being the first year of purchase)
Thank you.
With regards,
Rajesh.
08 August 2010
yes. need to deduct the discount value from the asset in the addtions column
Message likes :
1 times
08 August 2010
I just ask you one question :
You send one of your employee to purchase an article which is available in the market for Rs.11000/-. After bargaining he purchases the article for Rs.9,000/- and shows a bill also.
Now tell me how much amount you will allow him to record in the books.
You have to follow Cost Concept while making entries in the books of account.
I just ask you one question :
You send one of your employee to purchase an article which is available in the market for Rs.11000/-. After bargaining he purchases the article for Rs.9,000/- and shows a bill also.
Now tell me how much amount you will allow him to record in the books.
You have to follow Cost Concept while making entries in the books of account.
Message likes :
1 times
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
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Price inclusive or exclusive of GST while made entry in P& L Account
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Minimum tax payable to file Updated return
- UDIN ISSUE
- GST ISSUE OF INPUT AND OUTPUT GST
- GST Intimation due to Government took possession of Business Premises under PPE Act
- Salary from Qatar in Dollars in India
- Change Of Karta In Case of Death
- Non filing of I T Returns
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
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
