Accounting Head


DEVENDER THAKUR (Accountant)     08 October 2019

DEVENDER THAKUR
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If a partnership Firm Fully renovate a showroom (Major renovation), under which head should we book the expenses like. Cement, Reta,Bajri, electric materials like pvc pipes used in the walls, Plumbing work,paints etc. Should it booked as revenue expenditure or capital expenditure. Plz guide ..

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Sahil Ahuja (Accountant)     08 October 2019

Sahil Ahuja
Accountant 
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Renovation expenses, which would be capitalised in books. No ITC will be allowed as per section 15(5) of CGST Act, 2017.

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sabyasachi mukherjee   10 October 2019

sabyasachi mukherjee

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DEVENDAR
FIRST I CLEAR THE ACCOUNTS
TREATMENT AND SUBSEQUENT DISCLOSURE:
1. CAPITALIZE THE ENTIRE EXPENDITURE
2.IF THE PARTNERSHIP FIRM HV GST NUMBER
AND ITS SUBMITTING RETURNS UNDER
REGULAR SCHEME.
IT GSTIN IT CAN CLAIM INOUT TAX CREDIT.

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DEVENDER THAKUR (Accountant)     10 October 2019

DEVENDER THAKUR
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Dear Sir / Ma'am ! My query is just accounting head not ITC. Like should we book these expenses under Furniture and Fixture / Electric fitting etc.??

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Baskar (Finance officer)     10 October 2019

Baskar
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IF THE RENOVATION WORK CARRIED OUT ON THE ASSET WHICH WAS SHOWN UNDER F&F, THEN YOU SHOULD BOOK UNDER F&F, OTHERWISE E&F.

IT DEPENDS UPON ON WHICH CATEGORY OF ASSET YOU MADE THE RENOVATION WORK

 

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sabyasachi mukherjee   14 October 2019

sabyasachi mukherjee

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Major Renovation work
discosure as per schedule 111
FIXED ASSETS
BUILDING.
.


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