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Fixed Assets


anji (ACCOUNTANT)     24 March 2018

anji
ACCOUNTANT 
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without Bill FIXED ASSETS can I shown in balance sheet yes or no

prasad Nilugal (Accountant and GST Practitioner . )     24 March 2018

prasad Nilugal
Accountant and GST Practitioner .  
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No you can not show in  the  balancesheet  , also  Bill (Invoice ) of asset  should  be in the name of company  in order  in enter  in to books of accounts  of the company   as documentry  evidence .

Documentry  evidence is  Important  for audit  purpose as well .

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srikumar (audit staff)     24 March 2018

srikumar
audit staff 
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pass cash entry for fixed assets

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Divakar (Student CA Final )     24 March 2018

Divakar
Student CA Final  
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If u made payment through cheque for that then u hv certainly bill... Then u can claim... Otherwise u can't show it in books

anji (ACCOUNTANT)     24 March 2018

anji
ACCOUNTANT 
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for purchase of fixed assets without invoice I made payment in current account but can not received invoice shall I shown in company books of accounts please reply

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Divakar (Student CA Final )     24 March 2018

Divakar
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Ask for that invoice... Otherwise it will be under loans and advance accounts treated...

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Rahul Prasad (CA Student)     24 March 2018

Rahul Prasad
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Bill is important for documentation . but if rarely not available then take entry on the basis of bank entry payment made.

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Divakar (Student CA Final )     24 March 2018

Divakar
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Yes... If u don't record that fixed assets it stood as loan and advance in ur books.... In case of scrutiny bill may be asked by AO

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NAVEEN CHAND (GST Practitioner )     24 March 2018

NAVEEN CHAND
GST Practitioner  
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YOU CAN MAKE ISSUE DUPLICATE BILL COPY FROM THE SUPPLIER FOR SUPPORTING 

AND FOR CLAIMING INPUT TAX CREDIT , POSSESSION OF INVOICE IS MANDATORY UNDER GST.

prasad Nilugal (Accountant and GST Practitioner . )     25 March 2018

prasad Nilugal
Accountant and GST Practitioner .  
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Bill  is important for audit  purpose ,you can not show  purchase of asset  in books of aucounts only on bank entry .


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