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Balance sheet fixed assets

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122 Points Posted on 16 December 2021
hi Sir ,
my client are started the business in repaired and maintenance for year 2020 and his return file is first time. so the problem are created he purchase a vehicle for year 2015. then what are depreciation calculated and get final value in balance sheet assets.
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On 16 December 2021 at 12:46 Report
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GST Practitioner & Accounts
15093 Points Posted on 16 December 2021
How this vehicle is for Business purpose or connected to business ?. , when business is started and registered in 2020 , and vehicle purchase in the year 2015.
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On 16 December 2021 at 12:58
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122 Points Posted on 16 December 2021
Personal vehicle and business is start from 20215 but but file the return for first time in year 2020
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On 16 December 2021 at 13:10
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GST Practitioner & Accounts
15093 Points Posted on 16 December 2021
Vehicle Invoice should be in the name of Business to show in Balance sheet .
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On 16 December 2021 at 13:18
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122 Points Posted on 16 December 2021
Can I show in balance sheet and how will get depreciation
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On 16 December 2021 at 15:41
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Profession Business
28207 Points Posted on 16 December 2021
Pls post some values so the impact can be assessed.
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On 16 December 2021 at 18:37
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721 Points Posted on 16 December 2021
My advice. ascertain fair market value in 2020 and treat it as capital introduced and then take depreciation from 2020 at applicable rate
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On 16 December 2021 at 20:58
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Company Secretary
7085 Points Posted on 16 December 2021
Vehicle invoice must be in the name of business entity which have to be shown in balance sheet
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On 16 December 2021 at 22:54
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Profession Business
28207 Points Posted on 17 December 2021
Post accurate figures to ascertain the figures.
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On 17 December 2021 at 08:15


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