BORE WELL REPAIRS COST OF ENTIRE YEAR
This query is : Resolved
08 March 2020
DEAR SIR,
ACCOUNTING CHARITABLE TRUST BORE WELL REPAIRS COST IS CAPITALIZED AS PART AND PARTIAL OF THE BUILDING OR TRANSFERRED TO INCOME AND EXPENDITURE ACCOUNT, BECAUSE ENTIRE YEAR MORE THAN RS 25000/- INCURRED COST OF EXPENDITURE OF THE BORE WELL REPAIR.
PLEASE CLARIFY ME
REGARDS
ACCOUNTING CHARITABLE TRUST BORE WELL REPAIRS COST IS CAPITALIZED AS PART AND PARTIAL OF THE BUILDING OR TRANSFERRED TO INCOME AND EXPENDITURE ACCOUNT, BECAUSE ENTIRE YEAR MORE THAN RS 25000/- INCURRED COST OF EXPENDITURE OF THE BORE WELL REPAIR.
PLEASE CLARIFY ME
REGARDS
08 March 2020
It's repair expenses charge it to expenditure account. In charitable trust it's only application of funds charge off all such expenses.
08 March 2020
THANK YOU FOR YOUR REPLY SIR,
ONE SMALL DOUBT STILL REMAINING SIR, PLEASE CLARIFY ME, GOVT GRANTS RS. 139690/- FOR CONSTRUCT BUILDING FOR CHILDREN EDUCATION. AND CREDITED TO BANK ACCOUNT. AND WITHDRAWS AMOUNT OF RS. 94496/- UTILIZED FOR CONSTRUCTION PURPOSE. REMAINING RS.45194. IS BALANCE IN THE BANK ACCOUNT. NOW MY QUESTION HOW TREAT GOVT GRANT. GRANT HAS BEEN SHOWING EVERY YEAR UNTIL CONSTRUCTION OF THE BUILDING. GRANT SHOWN IN THE LIABILITY SIDE OF THE BALANCE SHEET. HOW TO WRITTEN OFF GOVT GRANT AFTER COMPLETION OF THE BUILDING.
VERY NEED URGENT
REGARDS
ONE SMALL DOUBT STILL REMAINING SIR, PLEASE CLARIFY ME, GOVT GRANTS RS. 139690/- FOR CONSTRUCT BUILDING FOR CHILDREN EDUCATION. AND CREDITED TO BANK ACCOUNT. AND WITHDRAWS AMOUNT OF RS. 94496/- UTILIZED FOR CONSTRUCTION PURPOSE. REMAINING RS.45194. IS BALANCE IN THE BANK ACCOUNT. NOW MY QUESTION HOW TREAT GOVT GRANT. GRANT HAS BEEN SHOWING EVERY YEAR UNTIL CONSTRUCTION OF THE BUILDING. GRANT SHOWN IN THE LIABILITY SIDE OF THE BALANCE SHEET. HOW TO WRITTEN OFF GOVT GRANT AFTER COMPLETION OF THE BUILDING.
VERY NEED URGENT
REGARDS
08 March 2020
Write off the government grant to profit and loss account to the extent of depreciation charged on grant assets. See the relevant accounting standards.
08 March 2020
thank you sir
if we can use this method to reduce the cost of the building from grant amount . both grant amount and cost of the building nullify from the balance sheet .
it is correct way please suggest me.
regards
if we can use this method to reduce the cost of the building from grant amount . both grant amount and cost of the building nullify from the balance sheet .
it is correct way please suggest me.
regards
08 March 2020
Yes it's the correct way.
08 March 2020
thank you sir, for all replies
regards
regards
09 March 2020
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