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 Topic
- Due date of ITR for Option Trader
- Cancelled invoice entry
- Debt Mutual Fund Tax in New Regime
- Amount distributed by a Co-op. Hsg Society to its
- Delayed reported invoice in GSTR1
- Kusumgar IPO Listing Date: Shares Debut on BSE, NS
- When is Diwali in 2026? Date, Muhurat Timing and D
- Amount received by son from PPF closure proceeds o
- Clarification on Nature of Payment Code for NRI Pr
- Fee received as Independent Director
Related Topics
CAclubindia
