Conversion of stock into fixed assets

2224 views 9 replies
we r dealers of computer and it's accessories. we took 2 computers from our stock for business use and is a bit confused how to record the same in tally. So kindly reply what is to be done in order to record the conversion of stock into fixed assets for business. Need urgent reply...
Replies (9)
As per my opinion you should deducted it from the purchase. Entry will be

Asset a/c dr.
To purchase a/c
thanks for the reply but how to deduct the stock from tally? we have to reduce the stock as well right?. also does this have impact on the ITC claimed during the month? and should I put the value of asset excluding Gst in order to claim depreciation? we've claimed it when we purchased the stock
You can pass entry in debit note there's option by which stock eill be reduce

Its doesn't create impact in ITC

Pass entry withonly basic amount + freight + installation(if any)

Depreciation charged on above basic amount @ 40%

E.g
When you made purchase your entry might be
Purchase a/c dr 10000
Input cgst/sgst or igst dr 1800
To bank /sundry creditor 11800

Now you've to pass entry in debit note
Computer(asset) a/c dr. 10000
To purchase a/c 10000

We can claim gst on movable asset so its doesn't matter
If tally version is old then it can't accept asset a/c in debit note then you can pass entry in J.V.
Mr. Rahul Krishna.,

At the time of Purchase entry "How to You pass the Entry...?".

It's just a information related question. After You can get entry from purchase to Asset...
purchase a/c Dr
to Creditor
😇😇😇😇😇😇

Are just enter above two ledgers only then Why you fear about tax values...?🤔🤔🤔🤔😬

If You enter as above then You reverse to Asset as per Mr Mayur Patil's 1st reply...
that purchase includes gst amount too. so if we reduce the purchase will that effect the credit?
If you already availed the ITC then reduce it from purchase then pass the entry
thank you brother

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 20 June 2026
Articleship

RB KESHRI & CO

Mumbai

B.Com

View Details
Company
24 June 2026
Chartered Accountant

CA Darshita Shah & Co

Nadiad

CA

View Details
Company
16 June 2026
Sr. Associate / Assistant Manager | TAS / FDD

Boutique Investment Bank & Transaction Advisory Firm

Gurgaon

CA

View Details
Company
12 June 2026
Accounts & Taxation Executive

Winshine Financial Services

Mumbai

CA Inter

View Details
Company
04 June 2026
Semi Qualified CA

Goyal Puneet & Associates

New Delhi

CA Final

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
09 June 2026
Accounts Associate

S Madan and CO

New Delhi

Graduate (Any)

View Details
Company
ARTICLESHIP 18 June 2026
Article Assistance

RB KESHRI & CO.

Mumbai

CA Inter

View Details