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Mobile on Rupees 2000 purchase for office use not for staff....What entry in accounts..?????
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Hi,Friends, I have a simple question in my mind that I have one head office that in faridabad and other branch in delhi,i purchase material in delhi for availing the tax benefit in delhi then i transfer the same material to head office(faribabad) agianst "F" form,i purchased material in delhi basic price rs. 5 +.42 taxes it comes rs. 5.42/-,my question is on which amount i should transfer the material from delhi to faridabad i.e 5,5.42 or 5 + freight(if any).kindly please solve my problem.
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M/s ABC Brothers, which was registered in the year 2000, has been following Straight Line Method (SLM) of depreciation. In the current year it changed its method from Straight Line to Written Down Value (WDV) Method, since such change would result in the additional depreciation of Rs. 200 lakhs as a result of which the firm would qualify to be declared as a sick industrial unit. The auditor raised objection to this change in the method of depreciation. The objection of the auditor is justified because (a) Change in the method of depreciation should be done only with the consent of the auditor (b) Depreciation method can be changed only from WDV to SLM and not vice versa (c) Change in the method of deprecation should be done only if it is required by some statute and change would result in appropriate presentation of financial 6 statement (d) Method of depreciation cannot be changed under any circumstances
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