treatment of liquidated damage recovered from customer

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 May 2017 In construction of power/other project liquidated damage is recovered from many Vendor and same is lying separately in other GL. Now at the time of capitalisation of asset whether this LD should be taken as Income and credit to be apportioned to all the assets. or asset value of each respective contract should be reduced by that value of LD( it is not feasible in most of cases)

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 May 2017 Asset value of respective contract has to be reduced. Not possible to identify the assets proportionately reduce.

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