Accounting treatment of works contract exp
This query is : Resolved
13 January 2014
Can any one guide me regarding the accounting treatment of works contract.
Actually we have done the interior work in our office last week worth RS. 7,00,000/-.
kindly tell me should I need to charge as a fixed assets or as a revenue exp. as a repairs and maintenance.
If as a FA under which head.
Actually we have done the interior work in our office last week worth RS. 7,00,000/-.
kindly tell me should I need to charge as a fixed assets or as a revenue exp. as a repairs and maintenance.
If as a FA under which head.
CA SHYAM LAL SHARMA
(Expert)
14 January 2014
I think you have to capitalize the amount of Rs 7,00,000 as a capital assets. If you have made expenditure relating to plant and machinery then you have to capitalise under the relevant head. You can also claim depreciation @ 15.00 %. However, if the expenditure are related to furniture and fixture, then your capital expenditure shall be under that relevant head.
14 January 2014
It is Interior Decoration work...Under which head ?????????
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