Capitalisation of part of the premises (Partly constructed)
This query is : Open
03 March 2010
A company is in the process of contructing building of 20 floors. And 5 floors are almost completed and ready for its intended use.
My query is :-
1) can we do the partiall capitalisation for these 5 floors.?
2) Is there is any specific provision for the same in the Accounting standard?
3) If yes then what should be the basis for allocating the cost for these 5 floors?
My query is :-
1) can we do the partiall capitalisation for these 5 floors.?
2) Is there is any specific provision for the same in the Accounting standard?
3) If yes then what should be the basis for allocating the cost for these 5 floors?
03 March 2010
What is the purpose for which the building is being built? Is it for creating an asset for the company or for real estate business? Depending on your answers u can decide to capitalise.AS10 issued by ICAI to be followed
03 March 2010
It will be used by the company fot its own use. And the company is in existence from the last 10 years. it is planning to relocate to the new premises.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Multiple trade mark
- Copyright software
- LC charges in relation to Asset purchased should be Capitalised ?
- Transporter Declaration form
- Value of property in capital gain
- Regarding TDS Applicability For Director Remuneration
- Form 121 & TDS deduction
- ITR U for F.Y-2024-2025 From Yesterday
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
