Fixed Assets purchase from Mr A at Rs 1,18,000
Freight Paid to Mr. B for this Fixed Asset Rs 30,000 (GST RCM PAID)
Now Capitalisation of Fixed Asset would be at Rs ................
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Capitalisation on Fixed Asset
Replies (5)
118000 rupees
Freight incurred to bring the asset to the location of installation has also to be capitalised.
Pramod Sir freight is from Mr. B (another party)
Still the concept of capitalisation remains. It is an expenditure incurred to bring asset to the location of installation and then only asset will start performing. It is not necessary that you have to pay freight to the supplier of the asset
Yes it was a mistake, Freight was included in cost of assets
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