purchased one capital item 4 years back and capitalised in books for 100% value. payment is in 5 yers EMI. now supplier is giving Rs40.00 lacks discount. cost is Rs.2.00 crores. how to treat this 40.00 lacks.
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Treatment
Replies (4)
AS INCOME IN P&L A/C....
yes discount will be treated as income
Since it is not given in first year in my view it will not be reduced from the book value but will be credited to P& L a/c.
Correct me if i am wrong.
it's a income i.e., discount received transferred to p & l a/c.
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