AS-10
This query is : Resolved
04 September 2009
ONE OF OUR CLIENT STARTED NEW BUSINESS FOR THAT THEY TAKEN BUILLDING FOR RENT.THEY FIXED FURNITURE ON WALL IT CAN'T BE REMOVED.(VALUE OF FURNITURE RS.40LAK).NOW THEY WNAT TO SHIFT THE BUSINESS PLACE.
1.THE FURNITURE FIXED NOT USED FOR TILL NOW.
NOW WHAT IS THE ACCOUNTING TREATMENT?
1.THE FURNITURE FIXED NOT USED FOR TILL NOW.
NOW WHAT IS THE ACCOUNTING TREATMENT?
07 September 2009
Amount Spent on Furniture is a Capital Expenditure.Amount spent on Furniture less amount realised if any would be capital loss. Furniture A/c having Dr of 40.00lacs would be credited in the books by zero or amt realised on sale of any of the items/parts of furniture. Or , when nothing is recovered, You may pass the entry for loss as under
Loss on Furniture A/c Dr 40,00,000
To Furniture A/c. 40,00,000
(Being expenditure incurred on Furniture of
the Rental Premises left as such)
Loss on Furniture A/c Dr 40,00,000
To Furniture A/c. 40,00,000
(Being expenditure incurred on Furniture of
the Rental Premises left as such)
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