Fixed Assets
This query is : Resolved
12 June 2009
The company purchase new car, that entire amount is to be capitalized,
Vehicle insurance and road tax also we have to capitalized or not
Vehicle insurance and road tax also we have to capitalized or not
CA Anisha Ray
(Expert)
12 June 2009
ALL the expenses incurred for an asset till it is put to use will have to be capitalised.
Without Insurance and pymt. of Road Tax, the Car cant be brought into commercial use as such the amount will also be capitalised.
Any expense on insurance inccured after it is put to use will be expensed out in the year it is incurred.
Without Insurance and pymt. of Road Tax, the Car cant be brought into commercial use as such the amount will also be capitalised.
Any expense on insurance inccured after it is put to use will be expensed out in the year it is incurred.
Manmohan ACA, CS
(Expert)
12 June 2009
Agree
Ankur Garg
(Expert)
18 June 2009
Agree with Expert
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