Dear Friends,
Shall we capitalized Detention Fee for Fixed Assets?
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Detention Fee for Fixed Asset
Replies (2)
Yes it is capitalised
Fixed Asset dr.
Bank Cr.
This is initial recognition. No need to present it in the income statement because it will overstate expenses (can’t charge depreciation/amortisation +distribution exp. to profits twice)according to me not unless AS 10 suggests otherwise.
Thanks Yasaswi
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