ICICI

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Balance sheet 31/03/19

Atharv Sankliya (282 Points)

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 ??

 9 Replies

Sourav (Student) (23892 Points)
Replied 26 October 2021

There is no cash or bank balance??

Atharv Sankliya (282 Points)
Replied 26 October 2021

No ....

Janak Shah (ca) (554 Points)
Replied 27 October 2021

Depreciation rate for car is 15% and Asset is not equal to Liability

CA Raj Doshi (Practising CA) (5528 Points)
Replied 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.
1 Like

Sourav (Student) (23892 Points)
Replied 27 October 2021

So, then 1 lakhs loss of depreciation should be under capital debit balance
1 Like

CA Raj Doshi (Practising CA) (5528 Points)
Replied 27 October 2021

Thankyou sourav for concurring with my view.

Sourav (Student) (23892 Points)
Replied 27 October 2021

Your welcome

yasaswi gomes (My grammar is 💯 good I)   (6622 Points)
Replied 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 

sabyasachi mukherjee (6718 Points)
Replied 30 October 2021

Current assets and non current assets not properly segregated.
liabilities not properly mentioned.
1 Like

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  





Subscribe to the latest topics :
Search Forum:

Trending Tags