Fixed assets capitalisation
This query is : Resolved
21 May 2014
Dear Sir,
We have purchased a machinery of Rs. 1 lacs as the machinery was not delivered at the specific time, we have deduct Rs. 10,000.00 as delay penalty from vendor and paid Rs. 90,000.00.
Should we book Rs. 1 lakh or Rs. 0.9 lacs in fixed assets account.
Kindly suggest.
Regards,
CMA Arvind Aggarwal
We have purchased a machinery of Rs. 1 lacs as the machinery was not delivered at the specific time, we have deduct Rs. 10,000.00 as delay penalty from vendor and paid Rs. 90,000.00.
Should we book Rs. 1 lakh or Rs. 0.9 lacs in fixed assets account.
Kindly suggest.
Regards,
CMA Arvind Aggarwal
Guest
Guest
(Expert)
21 May 2014
90000 only as the cost will be after deducting penalty amount
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