If a company purchase a land along with
Atharv Sankliya (1359 Points)
23 May 2022
company purchase a land along with property tax pending of 5 yrs so how do you account for it ??
4 Replies
CA Rashmi Gandhi
(Chartered Accountant)
(86500 Points)
Replied 23 May 2022
Add property tax paid in cost of plot.
sabyasachi mukherjee
(27849 Points)
Replied 24 May 2022
As per icai guidelines all costs incidental with the land is to be capitalized for fixed asset.
yasaswi gomes
(My grammar is 💯 good I)
(7296 Points)
Replied 24 May 2022
Dr. Land
Dr. Tax capitalised
Cr. Tax liability
sabyasachi mukherjee
(27849 Points)
Replied 24 May 2022
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 Topics
- I am 35 What to do
- GSTR-3B Sales & Tax Liability Correction
- Full Exemption on Capital gain
- CRedit Note to suspended GSTN
- ITR 2 utility error
- GST Registration for Postal Agent
- COMMUNICATION ON GST PORTAL BETWEEN DEALER
- ERROR IN ITR 3 and ITR 2
- Error in jason file itr 3 pls guide
- Clarification on Applicability of RCM for IT Consu
Related Threads
Trending Online Classes
-
Certification Course on GSTR-3B Reconciliation with GSTR-2B through AI Tools
CA Deepak Gupta15 July 2025
CAclubindia
