Accounting of expenditure for recording studio
This query is : Resolved
Quick Summary
04 July 2023
Dear sirs
Seek your guidance on accounting of expenditure spent for fabrication, hardware and plywood and glass for recording studio which is more than one lakh all together in a society.
Should we capitalise this expenditure where it includes small small amounts for nails, fevicol, fabrication steel, labour charges. After capitalising what could be the rate of depreciation.
Seek your kind suggestion.
Seek your guidance on accounting of expenditure spent for fabrication, hardware and plywood and glass for recording studio which is more than one lakh all together in a society.
Should we capitalise this expenditure where it includes small small amounts for nails, fevicol, fabrication steel, labour charges. After capitalising what could be the rate of depreciation.
Seek your kind suggestion.
Dhirajlal Rambhia
(Expert)
04 July 2023
Yes, capitalize it, rate of depreciation will be 15%.
Dhirajlal Rambhia
(Expert)
04 July 2023
You are welcome.
12 August 2023
Dear Sir
Can we capitalize on fabrication work for the children's home (shed) at the rental premise which is permitted by the owner?
Can we capitalize on fabrication work for the children's home (shed) at the rental premise which is permitted by the owner?
Dhirajlal Rambhia
(Expert)
12 August 2023
No. You can amortize the expense for the life span of the structure or maximum up to the rental period.
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Ito add credit side of bank
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- GSTR9 Annual Return
- Employee secondment
- Applicability of tax on invoice
- Rent agreement of House of deceased person
- Gift to nri relatives resides in usa
- Form 144 TDS Return Validation error
- Rectification under processing even after 6 months cpc portal
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
