DEVENDER THAKUR (Accountant) 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 ..
sabyasachi mukherjee 10 October 2019
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
IT GSTIN IT CAN CLAIM INOUT TAX CREDIT.
Baskar (Finance officer) 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