Accountin for Scrape/Surplus material sale
This query is : Resolved
Kamlesh Thakwani
(Querist)
25 December 2008
should Scrap/Surplus generated during project expansion be credeited to expansion project or credited to miscellaneous income ?
should Scrap/Surplus generated during project expansion be credeited to expansion project or credited to miscellaneous income ?
25 December 2008
It should be credited to the Capital Cost of the Project as the net of scrap value is the cost of acquisition.
Kamlesh Thakwani
(Querist)
25 December 2008
If asset is already capitalised,can we decapitalised with the same with scrape sale?
Can you give me reference book or Accounting standard or notes any thing supporting your answer,so that i cn put same before my management?
Can you give me reference book or Accounting standard or notes any thing supporting your answer,so that i cn put same before my management?
25 December 2008
Yes you can reverse the entry with the revenue generated.
But if the revenue generated is Extra-ordinary in nature then it can not be like above, you have to disclose it separately.
But if the revenue generated is Extra-ordinary in nature then it can not be like above, you have to disclose it separately.
Kamlesh Thakwani
(Querist)
25 December 2008
Can you give me reference book or Accounting standard or notes any thing supporting your answer,so that i cn put same before my management?
26 December 2008
AS-4 and AS-9 will be sufficient
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