intrest on pre const. mach. loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 May 2011
Machinery loan is taken in pre construction period in new under construction factory. How to post that interest in books of accounts of asessee?(partnership firm)
U S Sharma
(Expert)
20 May 2011
factory is not in existance but the firm is in existance on the date of loan availment, so usual treatment would go , the loan would go in liability side and interest would get debited in P.L account,
CA PARAS BAFNA
(Expert)
20 May 2011
In my view Interest has to be Capitalised by Debiting the Machinery A/c and Crediting the Interest A/c till the machine is put to use.
05 June 2011
Interest will be capitalized please refer two AS 10 is for Fixed Assets and other is for Borrowing cost
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