Hello. Our company recently bought a Bharat pay swipe machine, which has a refundable deposit included in the amount. How can we account it in the books?
4 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14916 Points)
Replied 17 June 2022
Pass following entry .
Swipe Machine A/c Dr
Security Deposit A)c Dr
Input CGST A/c Dr
Input SGST A/c Dr
To Trade Creditors A/c Cr
( Purchase of Swipe Machine )
..........
Note -
1) Show Swipe Machine under Non Current Asset , Balance sheet
2) Show Security Deposit under Current Asset, Balance sheet .
Always Ask separate receipt for Security Deposit
CA Rashmi Gandhi
(Chartered Accountant)
(86495 Points)
Replied 17 June 2022
Show security amount in deposits and investments under assets
sabyasachi mukherjee
(27835 Points)
Replied 20 June 2022
There are only two types of assets current and non current. The distinction is pretty clear.
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