Accounting for fixed asset
This query is : Resolved
Querist : Anonymous
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?
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
and claim deption on their respective share
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