as-10 accounting of fixed assets
This query is : Resolved
13 August 2007
In case of capitalistaion of asset can we exclude any amount of penalty charged on contractor in case of a project.
Plz give ans. with refrence of Para no. of AS-10.
Reply in detail.
Penaly is being imposed due to late completion of project.
Plz give ans. with refrence of Para no. of AS-10.
Reply in detail.
Penaly is being imposed due to late completion of project.
14 August 2007
What is the purpose of penalty?
Is it for late payment or It's like escalation claim?
Is it for late payment or It's like escalation claim?
14 August 2007
I have given the reason for penalty imposed on contractor, it is due to late completion of project.
16 August 2007
Any penlty/Liquidated damage received from contractor is not a part of rebate or discount , obviously it is a part of
inefficiency . it must be treated as seperate income /Miscellaneous income
inefficiency . it must be treated as seperate income /Miscellaneous income
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