Parts purchase
This query is : Resolved
20 April 2009
If Co. purchase parts for plant & Machinery, then what will be its accounting treatmnet?
20 April 2009
Fixed Assets A/c. Dr.
To Creditors A/c.
(With Machinery purhcase)
Repairs & Maaintenace A/c. Dr.
To Creditors
(For further purchase of parts)
To Creditors A/c.
(With Machinery purhcase)
Repairs & Maaintenace A/c. Dr.
To Creditors
(For further purchase of parts)
20 April 2009
If the parts of the machine are purchased before the machinery is installed then it would be treated as Capital WIP and if the parts are purchased subsequent to the purchase of the machinery for the purpose of the repairs and maintenance then the effect should be given accordingly
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