I have bought a car last year 14 Lakh. So Fixed Asset - CAR stands at 14 Lakh. I have take a loan for 7 Lakh. This FY insterest component on this is around 50K. So I can add loan interest to Car make it 14.5 Lakh.
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Can Interest on Car Loan added to Fixed Asset(Car)
Replies (4)
No. The interest is expense.
Its accountable in PandL account.
Its accountable in PandL account.
Thank you so much. That's even better.
All expenses incurred in bringing the asset to its normal condition is chargeable to the asset.
| Originally posted by : sabyasachi mukherjee | ||
 |
All expenses incurred in bringing the asset to its normal condition is chargeable to the asset. |  |
Mr Sabyasachi Mukherjee,
Please avoid such stupidity...
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