Lease building nature of accounting
This query is : Resolved
06 July 2012
For office use we taken one building premises for lease for 30 years and the full amount of lease paid as advance.
to write off those amount for every financial year up to 30 years to the lease hold expenses.
1. to treat nature of expenditure the amount as capital or revenue ?
2. to write of the advance, if it is revenue the balance amount is shown as every year up to 30 years as advance ?
3. what is procedure to be followed.if capital depreciation is considerable
to write off those amount for every financial year up to 30 years to the lease hold expenses.
1. to treat nature of expenditure the amount as capital or revenue ?
2. to write of the advance, if it is revenue the balance amount is shown as every year up to 30 years as advance ?
3. what is procedure to be followed.if capital depreciation is considerable
06 July 2012
For accounting in books of accounts, you may capitalise the lease payment under"Leasehold Building" and amortise the same over the life of lease.
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