Need advice/guidance
This query is : Resolved
Mutalib Mohammed
(Querist)
27 October 2014
Hi Friends,
Can any of the experts guide me on a request from our Auditors. I am working in a Manufacturing Company Since a year. Our Auditor has asked me a question. He wants to know from the Direct Overhead what has been capitalized in Inventory and what has been expensed.
Please please can anyone let me know how to work on this.
Can any of the experts guide me on a request from our Auditors. I am working in a Manufacturing Company Since a year. Our Auditor has asked me a question. He wants to know from the Direct Overhead what has been capitalized in Inventory and what has been expensed.
Please please can anyone let me know how to work on this.
kalpesh bafana
(Expert)
27 October 2014
Do Simple, expenses related to Assets are capitalized. If the expenses are concern to prior period i.e. before starting mfg process are also capitalized.
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
- GST on reimbursement of expenses
- Query on effect of registration of property
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Additional trade name
- Whether output tax is taken credit by purchaser
- Visiting card purchase
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Number of years as per AS amortisation of Goodwill
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
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
