New construction
This query is : Resolved
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
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
(Expert)
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.
07 February 2008
Building under construction account will be capital expenses or indirect expenses. If capital expenses under which ledger, whether Fixed Assets?
Thanks
Thanks
07 February 2008
Building under construction account will be capital expenses or indirect expenses. If capital expenses under which ledger, whether Fixed Assets?
Thanks
Thanks
S.Srinivasaraghavan
(Expert)
07 February 2008
Yes it is capital expenses and should be exhibited under fixed assets schedule.
Gaurav Gupta
(Expert)
21 February 2008
The expenditure on new building shall be capitalised under fixed assets.
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