a land taken on lease for a period of 10yrs can we do construction on it and debit the exp in our profit /loss account . If yes then what kind of lease it shld be finance lease or operating lease
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Lease and construction
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my dear,
any land is taken for usage on lease is not covered under AS 19 leases.
so no question of finance lease or operating lease.
any land is taken for usage on lease is not covered under AS 19 leases.
so no question of finance lease or operating lease.
Satish Sir...then the exp that are occurred in constructing the school where it shld be shown ..can we debit in I/E a/c
yes ofcourse you can capitalize it because you will be using for a period but not recorded expense in one year but to create deferred expense a/c and to amortize it over a period of time
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