Please tell entries

17 Apr. 14               Compu Plaza A/c Dr.                    Rs. 15,000

                                                   To Cash A/c

18 Apr. 14                           Computer A/c Dr.                 Rs. 40,000

                                                         To Compu Plaza A/c

20 Apr.14                              Compu Plaza A/c Dr.         Rs. 25,000

                                                         To Cash A/c

31 Mar.15                             Depreciation A/c Dr.          Rs. 24,000

                                                           To Computer A/c

shouldnt we pass 18-apr entry in receipt note

and treat computer as asset only when we receive invoice.

when will vat be given effect to?

on the day we receive goods with no invoice or on the day we receive invoice?

sale of machine rate of duty charged in invoicing

Dear Vikash and Sunil

if u say that I pass purchase entry on 19th i.e. the day we receive invoice.

now suppose if teh goods are received on 31-mar and invoice is received on 3-apr, then shouldnt there be some entry on 31-mar to reflect the goods we have received to reflect true and fair position of our accounts.

now entry on 31-mar cant be purchase entry as we havent received invoice, then what will it be?

and one more thing what about the taxes, when will those be given effect to?

thanks

Dear Shivani,

For assets, depreciation in accounts has to be charged as per Co's Act and not as per IT Act and may be charged for the days of use. If the date of receipt of asset and date of invoice are same, date of receipt of invoice may be ignored and accounted accordingly.

But  you have charged depreciation is as per IT Act wherein only block concept which is @ 60% and there are only two slabs as below:

1.  Below 180 days

2.  Above 180 days

Pls correct accordingly

Thanks

Madam the entry date of computer received will be on or after date of Invoice of assets

because you can't claim an assets without  any valid proffe as per income tax