Debit note regarding to capitalised assets.

[Guest]

Dear Expert,

please suggest regarding to debit note raised by us which is related with fixed assets (capitalised/depriciated) and I want to know best accounting treatment regarding it. Is we can raise debit note related to capitalised/ depriciated value or not ? please reply as soon.

Regard

Vikram Singh

[YAGAY andSUN]

Dear Vikram,

We are not able to understand your query. Please elaborate it, enabling us to revert.

Regards

YAGAY and SUN

(Consultants - Business, Management and Indirect Taxation)

[Guest]

Sir, I mean to say that we had purchase a Machinery and capitalize it. after one month we had been charged depreciation on it. but now we have require to raise debit note for related party than in this case we debit the party and credit the plant and machinery (wip), but we have been capitalize it. Now what head we will be credit however we have been capitalize it. we can't credit the plant and Machinery (wip) after capitalization and I think Plant and Machinery also we have been charge depreciation on this machine.. (please reply...)

Regard-

Vikram Singh

AI Summary

Clarification Sought on Accounting Treatment for Debit Note on Capitalized and Depreciated Machinery Assets A user inquired about the appropriate accounting treatment for a debit note related to capitalized and depreciated fixed assets. They described purchasing and capitalizing machinery, then charging depreciation, but needing to issue a debit note to a related party. The user was uncertain about which account to credit since the machinery was already capitalized and depreciated. A consultant requested clarification on the query to provide accurate advice.