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Accounting treatment
Please help how do i account for the following:
1. Lift full payment made as advance upon issue ofinvoice and installation done at much later date. When to capitalize and start depreciation. Invoice date or ready for use date.
2. BRS items since past two three years, can we just pass it to income and remove such items frm BRS as it has become very lengthy
Replies (6)
Do you need answers in terms of IND-AS or?
Depreciation is allowed from the time asset is put to use, irrespective of ownership date.
No idea of BRS
Depreciation is allowed from the time asset is put to use, irrespective of ownership date.
No idea of BRS
from the asset put into use....
Hello Navill,
This is Prasanth, regarding your query on BRS cheques become invalid if it is not presented for payments within 3 months hence the
This is Prasanth, regarding your query on BRS cheques become invalid if it is not presented for payments within 3 months hence the
It is advisable to reverse the entry made in books of accounts as income and make sure that from next time reversal entry has been made once in 3 months regarding dont pass it to 3 yrs such as
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