Entry of newly purchased asset

195 views 9 replies
User Avatar

Advocate
272 Points Joined May 2017
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
0 Reply Share Follow
On 28 March 2022 at 12:09 Report
Replies (9)
User Avatar

CFO- at NHTF
58280 Points Joined August 2012
It has to be shown under PPE in balance sheet.

You may account the depreciation on PPE in the profit and loss a/c
Reply
On 28 March 2022 at 12:14
User Avatar

GST Practitioner & Accounts
15045 Points Joined March 2014
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 )
Reply
On 28 March 2022 at 12:45
User Avatar

Advocate
272 Points Joined May 2017
Is there any need to show it in trading account
Reply
On 28 March 2022 at 12:46
User Avatar

GST Practitioner & Accounts
15045 Points Joined March 2014
No ......... As Eswar Reddy says, you have to show as a PPE , Asset side Balance sheet .
Reply
On 28 March 2022 at 12:51
User Avatar

Advocate
272 Points Joined May 2017
Ok Sir..Thank you so much
Reply
On 28 March 2022 at 12:56
User Avatar

GST Practitioner & Accounts
15045 Points Joined March 2014
Pass entry as above , if GST charged .
Reply
On 28 March 2022 at 12:58
User Avatar

CFO- at NHTF
58280 Points Joined August 2012
Depreciation/ Amortization on Asset can be transferred to Profit and loss account at the end of the year
Reply
On 28 March 2022 at 13:45
User Avatar

28118 Points Joined May 2017
TWO WHEELER IS AN ASSET .IF USED FOR THE PURPOSE OF BUSINESS YOU CAN CLAIM DEPRECIATION.
Reply
On 28 March 2022 at 14:26
User Avatar

Advocate
272 Points Joined May 2017
Ok sir..Thank you so much
Reply
On 28 March 2022 at 15:03


CCI Pro

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading