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Assets value

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(Querist)
31 January 2013 Dear sir

I purchase one land for rs.100,000/- (loan)and it’s processing fees 5,000 and in the bank statement i saw rs.50,000/- interet capitalized and another interest 10,000/- not capitalized what is the value of assets.which amount i have to book as assets

thanks
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CA SAYANTAN BASU

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CA SAYANTAN BASU (Expert)
01 February 2013 Dear madam ,
As per ACCOUNTING Standard 16 issued by ICAI.... the borrowing cost should be capitalised in the books of account ... So in that case ...the value of the asset will be Rs ( 100000 +5000+ 50000) =
Rs 155000 .....
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