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Balance sheet 31/03/19

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1359 Points Posted on 26 October 2021
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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On 26 October 2021 at 21:01 Report
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Chartered Accountant
24588 Points Posted on 26 October 2021
There is no cash or bank balance??
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On 26 October 2021 at 22:20
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1359 Points Posted on 26 October 2021
No ....
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On 26 October 2021 at 22:22
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ca
603 Points Posted on 27 October 2021
Depreciation rate for car is 15% and Asset is not equal to Liability
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On 27 October 2021 at 00:34
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Practising CA
8954 Points Posted on 27 October 2021
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.
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On 27 October 2021 at 08:45
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Chartered Accountant
24588 Points Posted on 27 October 2021
So, then 1 lakhs loss of depreciation should be under capital debit balance
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On 27 October 2021 at 09:38
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Practising CA
8954 Points Posted on 27 October 2021
Thankyou sourav for concurring with my view.
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On 27 October 2021 at 09:42
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Chartered Accountant
24588 Points Posted on 27 October 2021
Your welcome
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On 27 October 2021 at 10:20
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My grammar is 💯 good I
7301 Points Posted on 27 October 2021

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 

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On 27 October 2021 at 11:01
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Profession Business
28207 Points Posted on 30 October 2021
Current assets and non current assets not properly segregated.
liabilities not properly mentioned.
1 Reply
On 30 October 2021 at 15:58


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