Friends,
Can the first time insurance charges paid
during the purchase of the motor vehicle be capitalised???
Thimma Reddy (Article trainee) (77 Points)
14 November 2008Friends,
Can the first time insurance charges paid
during the purchase of the motor vehicle be capitalised???
balwant singh bisht
(student)
(38 Points)
Replied 14 November 2008
sir i want to know that how to write figure in thousand and thousands or lac or lacs..as given balance sheet
S.P.Mahanta
(Internal Auditor)
(647 Points)
Replied 14 November 2008
Not only insurance charges, also registration charges and one time road tax also need to be capitalised.
Ravi S.
(Articles)
(294 Points)
Replied 14 November 2008
No it cant be capitalised because Insurance for car is not for its intended use but for plying the car on road. one time road tax should not be capitalised a maintenence expenditure cant be capitalised by paying it for a life time
Hanif Juneja
(SR. MANAGER ACCOUNTS AND FINANCE)
(77 Points)
Replied 09 February 2009
How to treat road tax during ontime purchase and after purchase on renew of vehicle
CA Devanshi Gandhi (Ajani)
(FCA DISA Mcom CIFRS & LLB)
(9058 Points)
Replied 28 March 2009
I DONT THINK INSURANCE CHARGES CAN BE CAPITALISED
IT SHOUD BE DEFERRED OVER THE NUMBER OF YEARS FOR WHICH INSURANCE HAS BEEN TAKEN
| Originally posted by :balwant singh bisht | ||
| " | sir i want to know that how to write figure in thousand and thousands or lac or lacs..as given balance sheet |
" |
Its as per the criteria given by Sch VI to the Companies Act, 1956
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
CAclubindia
