Accounting of Building Construction Charges

This query is : Resolved

Santosh (Querist)
Follow

14 February 2020 Hi,

I have a building, and the building is under repair and maintenance for this I have been charged some money.
the maintenance and construction work has been doing by local laborers.
Here my question is the cost whatever I incur to renovate the building must be shown in P&L or in Balance sheet as a Asset or as a Expenditure?.

Santosh

Santosh (Querist)
Follow

19 February 2020 Hi Sir,

Could anybody can help me on my query...?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

07 March 2020 Due to renovation you are getting enduring benefits as the same is going to increase the life of the asset. So it is advisable to capitalise the expenditure. Prepare vouchers and get signed them from the payee.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Suvigya Tiwari

ANUPAMA L KANT

Abhishek Kabra

MUNISH KUMAR

Tushar Gupta

Subscribe Now

Accounting of Building Construction Charges

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Article Assistant

Accountant

CA Final

GST CONSULTANT

GST CONSULTANCY