Historical cost of fixed assets
This query is : Resolved
05 June 2016
Dear All,
Can Anyone advice me the process to derive Historical Cost of a fixed assets, where only replacement cost of the new assets is available.
Regards
Can Anyone advice me the process to derive Historical Cost of a fixed assets, where only replacement cost of the new assets is available.
Regards
06 June 2016
As per AS 10 - Accounting for fixed assets, the historic cost includes purchase price including import duties , non-refundable taxes and all the cost directly incurred to bring the asset to its working condition.
If the replacement cost is only available, you can try to ascertain the original cost by referring to the books of accounts as to how the replacement cost was arrived at. The calculation can give some insight regarding the historical cost
If the replacement cost is only available, you can try to ascertain the original cost by referring to the books of accounts as to how the replacement cost was arrived at. The calculation can give some insight regarding the historical cost
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Where to show the RCM on Rent paid to unregistered landlord
- Is Aadhar PAN linking required for opening bank account?
- Applicability
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Offsetting interest income against derivative trading losses
- RCM - commercial rent paid to URP under GST
- TDS NUMBER SURRENDER
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Gst Sales of FY 2023-24
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
