Capital work in progress

This query is : Resolved

Jagadish (Querist)
Follow

17 March 2009 Thanks for reply
This project going to be a sep. legal entity in that case same rules apply?

We have started one project and all expenses related to that project am debiting capital WIP.Now we have purchased a vehicle exclusively using this project. I have doubt whether i accounted as fixed assets or as capital WIP

Kindly clarify the doubt

Thanks in Advance
Jagadish

CA J M Pattanayak

CA J M Pattanayak (Expert)
Follow

17 March 2009 Dear Jagadish,

It has to be considered as Fixed Asset.
and not as capital work in progress. As the asset purchased is ready to use. The same u can add to the Project if at later stage vehicle is going to be used exclusively for project after comletion of the same.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
Follow

18 March 2009 i agree with the expert

Jagadish

Jagadish (Querist)
Follow

18 March 2009 Thanks for all for clarification

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

RAGHUNATH KASIBHOTLA

CA Sunny Sharma

Raviraj ponkshe

adarsh chaturvedi

DEEPAK BHARGAVA

Subscribe Now

Capital work in progress

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

Article Assistant

GST CONSULTANT

Manager- Finance and Compliance

Accountant

GST CONSULTANCY