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Accounting Head

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Accountant
591 Points Posted on 08 October 2019
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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On 08 October 2019 at 12:52 Report
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Accountant
75 Points Posted on 08 October 2019
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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On 08 October 2019 at 15:30
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Profession Business
28207 Points Posted on 10 October 2019
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.
44 Reply
On 10 October 2019 at 13:57
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Accountant
591 Points Posted on 10 October 2019
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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On 10 October 2019 at 15:07
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CMA
93 Points Posted on 10 October 2019

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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On 10 October 2019 at 21:49
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Profession Business
28207 Points Posted on 14 October 2019
Major Renovation work
discosure as per schedule 111
FIXED ASSETS
BUILDING.
.
44 Reply
On 14 October 2019 at 16:49


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