Historical cost of fixed assets
This query is : Resolved
05 June 2016
Dear All,
Can Anyone advice me the process to derive Historical Cost of a fixed assets, where only replacement cost of the new assets is available.
Regards
Can Anyone advice me the process to derive Historical Cost of a fixed assets, where only replacement cost of the new assets is available.
Regards
06 June 2016
As per AS 10 - Accounting for fixed assets, the historic cost includes purchase price including import duties , non-refundable taxes and all the cost directly incurred to bring the asset to its working condition.
If the replacement cost is only available, you can try to ascertain the original cost by referring to the books of accounts as to how the replacement cost was arrived at. The calculation can give some insight regarding the historical cost
If the replacement cost is only available, you can try to ascertain the original cost by referring to the books of accounts as to how the replacement cost was arrived at. The calculation can give some insight regarding the historical cost
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
- Tax on Deemed Capital Gain
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Exiting partner in partnership firm in gst portal
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Gst on travel by air for business purposes
- ITR-3 File/Error Found
- Average Cost Of High Quality Diamonds
- IT returns for fresh job holders
- ITR-Capital Gain
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
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
CAclubindia
