Cost of fixed asset
This query is : Resolved
02 January 2015
One of my client purchased the audi car, during the year,and insurance paid on this is 1,00,000/- can this be added to the cost of the fixed asset.
please clarify this.
please clarify this.
CA AnKiT BoHrA (AB)
(Expert)
02 January 2015
first year insurance should be added to the cost of car... and from next year onwards insurance expense should not b capitalised...!!
Message likes :
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02 January 2015
yes on purchase of car it must be capitalised and later in future years it should be expensed in profit and loss a/c
Rupesh Jain
(Expert)
02 January 2015
no insurance is exp. and you can cliam as exp. according to the period of policy
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