Capitalization of building premises
This query is : Resolved
13 December 2019
A firm is undertaken on its own building premises, some interior designing repairs have taken. should the value of premises include cost of interior designing or that should be debited to p&l a/c as current year expense. and how to calculate the current value for the premises.
14 December 2019
Add such cost to the value of the premises.
Message likes :
1 times
16 December 2019
Sir the firm is partnership firm, it is carried down on one floor of the building which is owned by one of the partner,how to determine the value of the premises(only that floor)
22 May 2020
If the cost of interior designing repairs is nominal amount it can be debited to PL and if the same work increases the value and life of the asset it can be capitalized. The cost of such repairs for part can be ascertained with the help of contractors authorised to perform such work.
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
- TDS 194-T applicability
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- Consolidated financials
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Withdrawal in cash from partners capital account by partner
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- Putting a heading on received mail
- TDS on TRUST
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
