hy frnds...do u ve any notes/class/stdy matrl of AS10....plz post.thnx
As-10.accounting for fixed assets
Page no : 2
CA Neha Jain
(Practicing CA)
(218 Points)
Replied 03 November 2011
hi all
The expenditure for bringing the asset to the current location and put to use state will be in nature of freight and may be installation charges but and not travelling.
Director's travelling expenses for discussing with vendors and finalizing terms are not qualified for capitalization.
Hence, it should be charged to P&L Account unless the company can demonstrate the direct nexus.
Pawan Kumar
(audit manager)
(118 Points)
Replied 03 November 2011
hey all
how to calculate depreciation of companies while making provisional balance sheet of the half year?
as i think depreciation should be calculated on the basis of days as per companies act (i.e. upto 30th september)
and depreciation as per income tax act shall be calculted for the half year on the basis of days.
is that correct? if not please correct me...
thanks in advance
CA Neha Jain
(Practicing CA)
(218 Points)
Replied 03 November 2011
Hi Pawan
Please post the querry seperately so it can get maximum hits and resposnses. It will be useful for others also.
kishore
(Accounts executive)
(21 Points)
Replied 16 May 2012
| When we have to take the depreciation for the asset, please let me know |
Prakash Mali
(Artical Assistant)
(166 Points)
Replied 16 May 2012
Yes It should be Capitalised, Any Expenditure incurred in respect of bringing an assets into condition for intended use should be capitlised
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