Reimbursement of amount spent on fixed assets
This query is : Resolved
03 June 2013
Fixed assets purchased on FY11-12 for 2,50,000. Dep. provided for fy11-12 6,750, as per companies act.
During FY 12-13, an amount of 1,00,000 was reimbursed by a third party towards purchase of such fixed asset.
How should this be treated as per companies act? Should the amount reimbursed be reduced from gross block or net block?
During FY 12-13, an amount of 1,00,000 was reimbursed by a third party towards purchase of such fixed asset.
How should this be treated as per companies act? Should the amount reimbursed be reduced from gross block or net block?
03 June 2013
if you receive any subsidy , u can reduce the block . other wise not.
03 June 2013
it can be reduced from the cost of machinery,
(gross block)
and depreciation can be caluculated on decreased value fixed asst over remaining useful life of asset,
an entry
bank a/c dr
to fixed asset can be passed
(gross block)
and depreciation can be caluculated on decreased value fixed asst over remaining useful life of asset,
an entry
bank a/c dr
to fixed asset can be passed
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
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Eway bill for machinery reparing
- Building and other construction workers welfare cess act 1996
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Gift of mutual fund units to daughter
- Bank Accounts in Balance Sheet for ITR 3
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Annual return of gst limit
- Reporting of STCG on Property in ITR
- Error while filling exam form November 2026
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
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
