accounting for fixed assets
This query is : Resolved
16 September 2010
We are going to capitalized new SF cooler in Oct 2010 with 105 Lacs
The old SH cooler, which actually dismantled and new cooler project in progress
what should be the Accounting Treatment for the above :
1) Whether we have to de-capitalized it today itself because it is nowhere in existence or we have to wait for new cooler capitalization.
2) Scrap value may or may not exceeds the WDV.
3) Whether we can transfer the WDV in books to Obsolence and scrap value can be shown separately.
Or we have to net off the scrap value with the WDV.
4) New cooler will cost to Rs.100 Lacs
please give reply in details
The old SH cooler, which actually dismantled and new cooler project in progress
what should be the Accounting Treatment for the above :
1) Whether we have to de-capitalized it today itself because it is nowhere in existence or we have to wait for new cooler capitalization.
2) Scrap value may or may not exceeds the WDV.
3) Whether we can transfer the WDV in books to Obsolence and scrap value can be shown separately.
Or we have to net off the scrap value with the WDV.
4) New cooler will cost to Rs.100 Lacs
please give reply in details
16 September 2010
When you will sell the old cooler than charged its dep. for the current year & transfer the balance after deducting total Dep. throuout the life of the Old Cooler to profit or loss A/c.
When the new cooler start functioning than capitlise it.
When the new cooler start functioning than capitlise it.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- Type of Capital Gain
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- Can partnership firm show income under 44ad
- Regarding ITR filing with more value than showing in AIS/TIS
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
