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Fixed Assets

This query is : Resolved 
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(Querist)
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
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CA Anisha Ray

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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.
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
12 June 2009 Agree
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Ankur Garg

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Ankur Garg (Expert)
18 June 2009 Agree with Expert
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