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General query on accounts
TEHRE IS A PARTNERSHIP FIRM ESTABLISHED ON 01.04.2016. THE OFFICE IS ON RENT W.E.F. 01.04.2016. THERE IS NO FIXED ASSETS SINCE ALL THE FURNITURE AND FIXTURES ARE ON RENT. PLEASE ADVISE IS IT NECESSARY TO PASS JOURNAL ENTRY FOR FURNITURE AND DEPRECIATION AT THE END OF FINANCIAL YEAR 2016.2017 INCASE NO FURNITURE PURCHASED TILL END OF THE YEAR.
Replies (1)
JE for Depreciation in this case not applicable.
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