New construction

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philip (Querist)
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07 February 2008 Dear Sir,
Our Institute is going to construct new building for starting a college. Amounts spent for this construction work will go under which heads in accounts. Should we maintain a separate account for this. Expenditure will be on geological survey and soil testing, architects fees, building materials, contractors charges, etc.
Thanks

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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07 February 2008 'Building under construction account' till the building is completed. All the heads of expenditure you have mentioned will go under this head.

philip

philip (Querist)
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07 February 2008 Building under construction account will be capital expenses or indirect expenses. If capital expenses under which ledger, whether Fixed Assets?
Thanks

philip

philip (Querist)
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07 February 2008 Building under construction account will be capital expenses or indirect expenses. If capital expenses under which ledger, whether Fixed Assets?
Thanks

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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07 February 2008 Yes it is capital expenses and should be exhibited under fixed assets schedule.

Gaurav Gupta

Gaurav Gupta (Expert)
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21 February 2008 The expenditure on new building shall be capitalised under fixed assets.

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