Amc charges, whether revenue or capital?
This query is : Resolved
20 May 2014
my client has incurred a cost of 178000+58000 rs towards AMC charges in the current year.
whether it should be treated as revenue or capital expenditure..?
please state with the reason.
and also tell me that in last year the same was treated as fixed assets, than what will be the treatment of the same,.????
ans asap please
thanks in advance
whether it should be treated as revenue or capital expenditure..?
please state with the reason.
and also tell me that in last year the same was treated as fixed assets, than what will be the treatment of the same,.????
ans asap please
thanks in advance
Nikhil Kaushik
(Expert)
20 May 2014
isnt the name itself is sufficient...ANNUAL MAINTENANCE CONTRACT!!
AMC chargnes are paid for periodic maintenance and accordingly should be charged off to repair and maintenance annually..
AMC chargnes are paid for periodic maintenance and accordingly should be charged off to repair and maintenance annually..
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