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?
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POS- Refundable deposit
Replies (4)
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
Show security amount in deposits and investments under assets
There are only two types of assets current and non current. The distinction is pretty clear.
First you get clear
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