banner_ad

Accounting for fixed asset

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
02 August 2012 Sea Ports provide service of harbouring of ships and facilitate loading and unloading of cargo.In order to help smooth movement of ships Radar based navigational assitance is deployed by the port which is known as Vessel taffic management system(VTMS).Now there is port P1 which shares common waterway with port P2,which is situated in few miles before P1. Now P2 purchases and deployes a VTMS and 50% of the cost is shared by P1. The VTMS is within the premises of P2 and operated by it but benifited by both P1 & P2. Should P1 capitalise 50% of the cost in it's books?
Profile Image

Naresh Kansala

Profile Image

Naresh Kansala (Expert)
02 August 2012 P1 & p2 both book their respective amt in their books as per AS-6, AS-10 and IT act.
and claim deption on their respective share
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details