Charges related to machinery purchase
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 February 2018
My firm bought a machinery from out of India. At the time of clearance we get bill from agency charges including Ocean, Endorsement, Inland, Container Clearing and many other Charges.
Now tell me that all of them charges are Indirect Charges or Capital charges which is Add in Value of Machinery
Now tell me that all of them charges are Indirect Charges or Capital charges which is Add in Value of Machinery
13 February 2018
All are capital charges which is added to value of machinery.
Expert : Anonymous
Expert :
Anonymous
(Expert)
13 February 2018
All are accountable to Capital of Machinery...
15 February 2018
I agree with Mr. Seetharaman.
Property plant and equipment should be recognized at cost. Cost includes purchase price, duties, taxes, handling and delivery charges, installation charges etc. (IAS 16 Para 16 & 17)
All these cost should be added to the cost of the asset rather than treating them as expenses.
You could use IAS 16 (para 16 & 17) as reference.
Property plant and equipment should be recognized at cost. Cost includes purchase price, duties, taxes, handling and delivery charges, installation charges etc. (IAS 16 Para 16 & 17)
All these cost should be added to the cost of the asset rather than treating them as expenses.
You could use IAS 16 (para 16 & 17) as reference.
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