balance sheet as on 31/03/19
liabilities. assets
creditor 10 lac car 10 lac
balance sheet as on 31/03/2020
liabilities. assets
creditor 10 lac. car 10 lac
less dep 1 lac = 9l
what is the problem here ??
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Balance sheet 31/03/19
Replies (9)
There is no cash or bank balance??
No ....
Depreciation rate for car is 15% and Asset is not equal to Liability
Depreciation is 1L. So it will form part of loss from p/l account which will be transferred to capital account. capital account would be 1 lakh debit.
So, then 1 lakhs loss of depreciation should be under capital debit balance
Thankyou sourav for concurring with my view.
Your welcome
I still did not get if 100% can Be claimed on depreciation and thanks to everyone for keeping tax aspects to themselves. Anyways, since I’m a genius in accounting,
there is no problem with the above philosophy because depreciation of 1 lakh will reduce liabilities by one lakh, that is if one can claim 1 lakh claim.
that is just a theory
Current assets and non current assets not properly segregated.
liabilities not properly mentioned.
liabilities not properly mentioned.
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