without Bill FIXED ASSETS can I shown in balance sheet yes or no
Menu
Fixed Assets
Replies (13)
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 .
pass cash entry for fixed assets
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
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
Ask for that invoice... Otherwise it will be under loans and advance accounts treated...
Bill is important for documentation . but if rarely not available then take entry on the basis of bank entry payment made.
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
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.
Bill is important for audit purpose ,you can not show purchase of asset in books of aucounts only on bank entry .
Agree with Prasad Sir...
Invoice of anything is a proof of your ownership associated with fixed assets, and without this you can not proof, you are legal owner of assets, then you are not eligible to shown it as assets in your balance sheet. It is applicable for both individual as well as coporate entity. You also can not claim ITC under GST without invoice and also depreciation.
Invoice of anything is a proof of your ownership associated with fixed assets, and without this you can not proof, you are legal owner of assets, then you are not eligible to shown it as assets in your balance sheet. It is applicable for both individual as well as coporate entity. You also can not claim ITC under GST without invoice and also depreciation.
good clarification and information
Recent Topic
- Business income source for husband and wife
- Set off of LTCL against STCG under section 536(2n)
- Audit Workflow tool
- Is CA through direct entry easy for a commerce stu
- Dividend and withholding tax - DTAA- RSU
- NRI Query: Capital Gains Tax Exemption under Secti
- Royalty payment to UK
- Calculate ITR2 tax with equity and non equity prof
- LTCG on residential property sale - Rebate?
- TDS MISMATCH AND AIS
Related Topics
CAclubindia
