We are purchase a fixed assets. As per payment terms 80% amount paid after receiving fixed assets balance 20% amount pay after 1 year. On completion of 1 year seller not claimed 20% amount. what is the trreatment of this 20% amount.
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Accounting for fixed assets
Replies (2)
First Year, Carry the Asset Book value at Complete 100 Rs & show 20 Rs as Capex Advance..
Post Waiver of INR 20, Reduce the same from the Asset Value itself.
Adjust for the depreciation already charged on INR 20, that will be a credit to P&L
First Year, Carry the Asset Book value at Complete 100 Rs & show 20 Rs as Capex Advance..
Post Waiver of INR 20, Reduce the same from the Asset Value itself.
Adjust for the depreciation already charged on INR 20, that will be a credit to P&L
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