Capitalized accounting
This query is : Open
Rakesh Purohit
(Querist)
14 August 2019
PURCHASE OF RS.10,00,000/- AND TRANSPORTATION CHARGES 99000/- IN SEPARATE BILL BY TRANSPORTER WHICH AMOUNT IS CAPITALIZED
Gokul Sharma
(Expert)
15 August 2019
what is purchased ??? material or asset ?
CA PARTH SHAH
(Expert)
16 August 2019
Since you are asking about capitalising in books of accounts, I assume you have bought a fixed Asset. So Rs 10,99,000 to be capitalised in books of account although seperate bill of transportation cost given by transport company because as per accounting standards, cost of fixed asset shall include all the costs incurred to bring asset to place of use.
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