Menu
If a company purchase a land along with
company purchase a land along with property tax pending of 5 yrs so how do you account for it ??
Replies (4)
Add property tax paid in cost of plot.
As per icai guidelines all costs incidental with the land is to be capitalized for fixed asset.
Dr. Land
Dr. Tax capitalised
Cr. Tax liability
The entry is .
fixed assets dr.
input c gst Dr.
input sgst Dr.
sundry creditor cr.
rates and taxes Dr.
Tax liability cr.
tax liability Dr.
cr. Bank
fixed asset Dr.
rates and taxes cr.
fixed assets dr.
input c gst Dr.
input sgst Dr.
sundry creditor cr.
rates and taxes Dr.
Tax liability cr.
tax liability Dr.
cr. Bank
fixed asset Dr.
rates and taxes cr.
Recent Threads
- GST RCM Liability on Royalty on Gujarat State
- Head of income for TDS u/s 194JB
- Property purchase value acquired before 2001
- Error in ITR3 - OS sheet.
- 57th GST Council Meeting: Rate Rationalization on
- Can I amend Bills of Gstr1 after filing for itc re
- REITS and which itr ?
- LONG TERM CAPITAL GAIN ON SALE OF listed SHARES
- AI Tools for Accounting
- Commission are brokerage
Related Threads
CAclubindia
