Freight & Demurrage incurred on asset
This query is : Resolved
31 July 2008
Freight & Demurrage incurred on purchase of any asset should be taken in which account i.e whether in Respective Asset A/c or in Freight Inward A/c.
Revert at the earliest..
1
Revert at the earliest..
1
02 August 2008
Reference shall be made to AS-10: Accounting for Fixed Assets.
The Cost of Fixed Asset should comprise its purchase price and any other costs directly attributatble to bringting the asset to its working condition for its intended use. Hence, above cost should be capitalised.
The Cost of Fixed Asset should comprise its purchase price and any other costs directly attributatble to bringting the asset to its working condition for its intended use. Hence, above cost should be capitalised.
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