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Fixed asset
Can we include transport charges along with the asset purchased? The asset has been imported so do we need to book a separate bill for custom duty and other duties paid? The invoice was in usd so can i convert it to inr as on the date of the invoice?
Replies (3)
All the expenses which are incurred in order to acquire an asset need to be capitalised as per AS-10: Acounting for Fixed Assets.So duties Paid will also forms part of the cost of the asset
Thank you so much
All expenses related to fixed assets purchase added in the cost of fixed assets till the put to use,
only those duty wich is irrecoverable will be added to the cost of fixed assets.
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