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Credit period

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student
45 Points Posted on 19 October 2020
if company made a purchase of asset for rs. 10000 with a credit period of 2 yrs
then what is the entry as per IND AS
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On 19 October 2020 at 16:48 Report
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Confidential
177 Points Posted on 19 October 2020
Asset a/c dr
To creditor
at the time of purchase u should pass above entry

2) intrest a/c dr
To creditor
because u have to pay intrest for 2 months

3) at finally
creditor a/c
To cash/Bank
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On 19 October 2020 at 18:20
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student
45 Points Posted on 19 October 2020
How much amount we have to recognise in asset
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On 19 October 2020 at 18:34
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Confidential
177 Points Posted on 19 October 2020
Asset a/c dr 10000
To creditor 10000

asset a/c dr (intrest)
To creditor (intrest)

creditor a/c dr 10000+int
to bank

intrest should be capitalise on asset cost hence it should not be treaTed as exp
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On 19 October 2020 at 18:39


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