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.
Message likes :
1 times
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
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- GST ON DAMAGED GOODS
- Specified Profession
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
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
