Dear All,
We are newly started a business and purchased a fixed assets worth of Rs.8 lacs and more through cash payments.... And all the assets are billed in our business name kindly suggest me how can I show this assets in my books. We are 3 partners just before 1 year we started the business.
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Purchase of Fixed Asset for Rs.800000/- by cash
Replies (4)
it will appear as fixed assets under BS
But all are purchased by cash... And as per IT law u/S 40(a) no cash payments to be made for more than Rs.10000
But they are already purchased so it's for them to look at
if it's a depreciable asset, take the cost of the asset reduced by purchase consideration paid in cash and calculate depreciation
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