Historical cost of fixed assets
This query is : Resolved
SASI KANTA SATHIA
(Querist)
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
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