My client bought Activa Scooter on finance in January 2018 and installment started but didn't shown in the Balance sheet. What to do in this regard in FY 2019-20 and how to calculate depericiation on it ?
Please advise.
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Fixed assets depriciation
Replies (2)
Add the details in 19-20...
compute the dep from the date of purchase of asset.
bifurcate the dep into 2 parts
1. from date of purchase to 31.03.2018, suppose it is 100.
2. from 01.04.2018 to 31.03.2019, suppose it is 500.
pass the entry
Dep a/s Dr 500
prior period items a/c Dr 100
Depreciation Reserve or asset Cr 600
This entry is for dep only.
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