Sir,
We had purchased a Vehicle for Rs. 14 lakh on March 2018 for which on June 2018 the seller gave us 2 Lakhs as concession amount which he was made RTGS to our loan Account. So kindly guide us how we would record entries in tally regarding concession amount and which group should we select for the ledger Concession Amount
The amount so recieved has to be reduced from the cost of the asset (Vehicle).
March 2018 Purchase
Fixed Asset Dr 1400000
To Bank 1400000
March 2018
Depreciation Entry
June 2018 Discount
Bank Dr 200000
To Fixed Asset 200000
By these entries your asset value net of discount shown in your books
By above entry your fixed asset booked net of discount. Invoice Value we take the net of discount by above entries.
CA Suraj Garg & Associates
New Delhi
CA Final
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RMA And Associates LLP
New Delhi
CA Inter
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CCI
Pro
CAclubindia
