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Plant & machinery

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(Querist)
14 July 2014 Dear friends, purchase of plant & mach for rs 5lac and transpot charges 20000, installation chargs 10000 and insurance paid for 1 year, wht is the asset cost and insurance treatment here.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
14 July 2014 all will be cost of asset = 500,000+20,000+10,000=5,30,000
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Vishnu Saboo

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Vishnu Saboo (Expert)
15 July 2014 yes, 5,30,000 will be cost of machine for capitalization purpose.
insurance is taken for one year, so it seems its fire policy type, so this will debited to P&L.
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