Asset is purchased in jan 2009 and it is found defective , so the asset was returned and the asset was replaced in april 09. the bill is related to jan 09 oly. the accounting was not done and payment was not made in py 2008-09. can the asset be capitalised in the previous year 09-10 with the same bill ?
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capitalization of an asset which is related to previous year
Replies (2)
The asset can be capitalised during PY 08-09. But depreciation under Income Tax Act or Companies Act can be provided only from the date on which it was put to use.
but the balance sheet is already done for 08-09
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