treatment of coversion charges paid to bank
This query is : Resolved
19 February 2008
WHAT IS THE ACCOUNTING TREATMENT OF CONVERSION CHARGES AND COMMISSION CHARGED BY BANK FOR CONVERTING THE RUPEES INTO DOLLERfor payment to creditor FORM WHOM WE PURCHASED THE NEW ASSETS FROM OTHER COUNTRY ( IMPORT )
CA. GOPAL SONIKA
(Expert)
19 February 2008
As these are incidental costs incurred in procuring a capital item, these expenses should be capitalized.
S.Srinivasaraghavan
(Expert)
19 February 2008
Expenditure which are directly associated with and are incidental to the acquisition of the capital assets will have to be capitalised along with capitalisation of fixed assets.
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