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Entry of newly purchased asset

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Advocate
272 Points Posted on 28 March 2022
Sir I have Cloth business..I have purcased Two Wheeler .. Whether this has to show in profit and loss account or only in balance sheet
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On 28 March 2022 at 12:09 Report
Replies (9)
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CFO- at NHTF
58280 Points Posted on 28 March 2022
It has to be shown under PPE in balance sheet.

You may account the depreciation on PPE in the profit and loss a/c
59 Reply
On 28 March 2022 at 12:14
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GST Practitioner & Accounts
15083 Points Posted on 28 March 2022
Two wheeler ( Asset ) A/c Dr
CGST A/c Dr
SGST A/c Dr
To Trade Creditors A/c Cr
( purchase of vehicle , Invoice no - date )
24 Reply
On 28 March 2022 at 12:45
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Advocate
272 Points Posted on 28 March 2022
Is there any need to show it in trading account
1 Reply
On 28 March 2022 at 12:46
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GST Practitioner & Accounts
15083 Points Posted on 28 March 2022
No ......... As Eswar Reddy says, you have to show as a PPE , Asset side Balance sheet .
24 Reply
On 28 March 2022 at 12:51
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Advocate
272 Points Posted on 28 March 2022
Ok Sir..Thank you so much
1 Reply
On 28 March 2022 at 12:56
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GST Practitioner & Accounts
15083 Points Posted on 28 March 2022
Pass entry as above , if GST charged .
24 Reply
On 28 March 2022 at 12:58
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CFO- at NHTF
58280 Points Posted on 28 March 2022
Depreciation/ Amortization on Asset can be transferred to Profit and loss account at the end of the year
59 Reply
On 28 March 2022 at 13:45
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Profession Business
28198 Points Posted on 28 March 2022
TWO WHEELER IS AN ASSET .IF USED FOR THE PURPOSE OF BUSINESS YOU CAN CLAIM DEPRECIATION.
44 Reply
On 28 March 2022 at 14:26
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Advocate
272 Points Posted on 28 March 2022
Ok sir..Thank you so much
1 Reply
On 28 March 2022 at 15:03


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