Fixed asset accounting
This query is : Resolved
22 April 2019
Hi,
I have receive the Dell Server assets in Jan 2018 (FY 2018-19) & received the bill on same date, the asset is fixed at site & it is start working from Jan 2018. But there is spend some Professional Engineer cost for installation of the asset & the Professional cost Invoice is receive in April 2019 (FY 2019-20). Then how can I Capitalized this Professional cost in last year 2018-19?
I have receive the Dell Server assets in Jan 2018 (FY 2018-19) & received the bill on same date, the asset is fixed at site & it is start working from Jan 2018. But there is spend some Professional Engineer cost for installation of the asset & the Professional cost Invoice is receive in April 2019 (FY 2019-20). Then how can I Capitalized this Professional cost in last year 2018-19?
22 April 2019
1.
Dr. Installation Charge - XXXX
Cr. Sundry Creditor/Engineer - XXXX
2.
Dr. Asset Head (on server) - XXXX
Cr. Installation Charges - XXXX.
Message likes :
1 times
23 April 2019
Work is done in FY 2018-19, capitalise by creating liability as above.
Message likes :
1 times
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
- Price inclusive or exclusive of GST while made entry in P& L Account
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Applicability of GST on Salary Reimbursement Component
- Tds on commission charges
- Minimum tax payable to file Updated return
- Dep. as per companies act
- Salary from Qatar in Dollars in India
- UDIN ISSUE
- CHECK RELATED
- Tax rate change regarding
- GST Intimation due to Government took possession of Business Premises under PPE Act
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- 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?
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
Quick Links
ARTICLESHIP
30 September 2026
CA Article Assistant
CA Suraj Garg & Associates
New Delhi
CA Final
View Details
ARTICLESHIP
18 September 2026
Industrial Trainee
Twenty Point Nine Five Ventures Private Limited
Noida
CA Inter
View Details
09 September 2026
SENIOR AUDITOR & ACCOUNTS MANAGER
Anupam Parashar & Co.
Ghaziabad
CA Final
View Details
CCI
Pro
CAclubindia
