Fixed Assets--- doubt
This query is : Resolved
03 April 2009
hiii frnds..
i hv a doubt related to incidental exp which is as follows....
A car has been purchased in the name of XYZ Co... Whether incidental expenses such as Registration chrgs, road tax etc are to be CAPITALISED?????Whether depre should be provided??????
Awaiting ur reply
Thanks in anticipation
SANGITA
i hv a doubt related to incidental exp which is as follows....
A car has been purchased in the name of XYZ Co... Whether incidental expenses such as Registration chrgs, road tax etc are to be CAPITALISED?????Whether depre should be provided??????
Awaiting ur reply
Thanks in anticipation
SANGITA
03 April 2009
Road tax has to be capitalised because now it is life time tax. Registration charges has to be charged to profit and loss account.
Depreciation to be charged on road tax also.
Depreciation to be charged on road tax also.
03 April 2009
registration charges and road tax both need to be capitalised and than depreciation should be provided.
03 April 2009
As per section 3 of Delhi motor vehicle taxation Act 1962 every vehicle owner has to pay road tax at the time of registration of his vehicle. So it has to be capitalised for charging depreciation.
04 April 2009
RTO TAX & Registration charges is one time expenses so it should be capitalise & in case of Insurance it should debited to P & L A/c
Depreciation @ 15% to be provied
Depreciation @ 15% to be provied
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