accounting for fixed assets

This query is : Resolved

Ajay Goswami (Querist)
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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

CMA Chandan Singh

CMA Chandan Singh (Expert)
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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.

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