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Renovation and repair

Rashmi Sinha (1 Points)

04 August 2024

If renovation and repair of an old building is done can we capitalise the expense

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3 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195176 Points)
Replied 05 August 2024

Yes, if it is not kind of general maintanance.

1 Like

Naka Nito (Bangladesh) (22 Points)
Replied 19 December 2024

Yes, whether you can capitalize the expense of renovation and repair of an old building depends on the nature of the work. If the repairs and renovations significantly extend the life of the building, improve its functionality, or increase its value, then those expenses can often be capitalized as part of the cost of the asset (the building). On the other hand, if the work is considered routine maintenance or repairs that don’t improve the structure beyond its original condition, the expense is usually treated as a current period expense.

As for me, I’m currently dealing with a renovation, and honestly, I’m getting really tired of it. The endless work and decisions! 😅 I was wondering, though, what do people do during breaks from renovations? Do you watch shows, play games, or have other ways of passing the time? Could use some distraction ideas!

KiraNira (India) (4 Points)
Replied 19 December 2024

Thank you for the recommendation! It sounds like an amazing game, and I appreciate the suggestion. I’m always on the lookout for fun, engaging experiences with fair and transparent conditions, so I’ll definitely check it out!