Capitalization of residential colony building of company.
This query is : Resolved
MITUL R SHAH
(Querist)
27 July 2016
Dear Sir/Madam,
We want to capitalized ELEVATOR but don't know Nature of Asset and Useful life.
Kindly suggest for the same.
Regarsd
Mitul Shah
We want to capitalized ELEVATOR but don't know Nature of Asset and Useful life.
Kindly suggest for the same.
Regarsd
Mitul Shah
28 July 2016
There are two ways you can treat ELEVATOR. It can be part of the building and thus capitalized with building. In such case the life of asset would be 30 years. But if you want to follow component accounting, ELEVATOR can be shown separately and can be part of equipment and life of asset would be 10 years.
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MITUL R SHAH
(Querist)
28 July 2016
Thanks a lot madam....
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