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
- Refund Annexure-B
- House Property Reporting in ITR
- TDS Claim year
- Liable to deduct tds and 44ADA
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- TDS Challan Code
- ASISSE return under the provisions of the Collection of Statistics Act, 2008 (7 of 2009)
- Agriculture income or business income
- Internship/Academic shown in Salary Pay Slip of a Doctor
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
