Capitalisation of Insurance on Purchase of New Car
This query is : Resolved
02 February 2010
hello every one,
I want to know
Whether the insurance of new purchased car will be capitalized with value of car or not.
In AS 10 on Fixed Assets i do't found any thing regarding it.
Is any guidelines available relating to it?
I want to know
Whether the insurance of new purchased car will be capitalized with value of car or not.
In AS 10 on Fixed Assets i do't found any thing regarding it.
Is any guidelines available relating to it?
02 February 2010
Yes it has to be capitalised as the car cannot be ready for use without the insurance i. e. the car cannot leave the showroom without insurance. So expenses incidental to purchase of car should be capitalised.
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
- Manual Rectification through AO
- IT Return filed defective u/s 139 (9)
- Defective Return - Tds on advance
- Fixed Deposit Claim Relinquishment by the Nominee
- TCS ON SOFTWARE SALES
- Not a CA , can we prepare balance sheet
- Income Type for interest from government bonds
- TDS RATE ON RENT PAID TO NRI
- GSTR-9 HSN Summary and Credit Note without item
- I WANT CLEAR DETAIL AND HOW TO ENTRY IN TALLY
- From 15CA for remittance by domestic travel agent by to Foreign Destination Management Company.
- Issue of gst e invoice
- Gstr 9 2023-24
- 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
- GST RCM not shown in GSTR-3B
Trending Online Classes
CAclubindia
