ppi - dep
This query is : Resolved
23 January 2011
friends help me in two cases -
1. fixed asset supposed to be capitalised in april 2009. but same was overlooked and capitalised in april 2010. now dep for 09-10 should be shown as prior period expense?? i believe yes.
2. advance to suppliers in capital nature i.e for purchase of fixed assets - shown be shown under CWIP i beleive. let me know, urgent.
1. fixed asset supposed to be capitalised in april 2009. but same was overlooked and capitalised in april 2010. now dep for 09-10 should be shown as prior period expense?? i believe yes.
2. advance to suppliers in capital nature i.e for purchase of fixed assets - shown be shown under CWIP i beleive. let me know, urgent.
23 January 2011
I dont get this, if a fixed asset is not capitalised, it needs to be expensed as the impact has to reflect somewhere in the financials. Assuming that the fixed asset amount is lying in CWIP, and capitalisation is overlooked, you are right. It can be capitaliesed now and the depreciation can be shown as prior period expense as per AS 5.
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
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Treatment of Pension ?annuity returns on PMVY
- Soyabean hsn code and gst rate
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Capital Gain on EUITY Shares
- Scrutiny assessments u/s 143(2) for AY 25-26
- Itr 1 processing
- TDS on payment to CHA as per new section
- Sale of Forign Shares
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
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
