Accounting treatment for hospital construction.
This query is : Resolved
MANJUNATHA M R
(Querist)
30 January 2014
Hello Sir, We have taken land on lease basis for 30 years on that we built hospital by availing bank loan.My query is
1 where to account the construction cost-Capitalize or Revenue.
2.On loan taken we paid interest to bank (up to construction)where to account. Thanks in advance.
1 where to account the construction cost-Capitalize or Revenue.
2.On loan taken we paid interest to bank (up to construction)where to account. Thanks in advance.
AVTAR SINGH
(Expert)
30 January 2014
Capitalise the cost of construction and interest paid till construction period.
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