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Fixed assets capitalisation

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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
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21 May 2014 90000 only as the cost will be after deducting penalty amount

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