Treatment of Special discount on an Asset..Urgent Sir!!!

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Rajesh (Querist)
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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.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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08 August 2010 yes. need to deduct the discount value from the asset in the addtions column

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CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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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.

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