If a company purchase a land along with
Atharv Sankliya (1354 Points)
23 May 2022
company purchase a land along with property tax pending of 5 yrs so how do you account for it ??
4 Replies
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 23 May 2022
Add property tax paid in cost of plot.
sabyasachi mukherjee
(27574 Points)
Replied 24 May 2022
As per icai guidelines all costs incidental with the land is to be capitalized for fixed asset.
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 24 May 2022
Dr. Land
Dr. Tax capitalised
Cr. Tax liability
sabyasachi mukherjee
(27574 Points)
Replied 24 May 2022
The entry is .
fixed assets dr.
input c gst Dr.
input sgst Dr.
sundry creditor cr.
rates and taxes Dr.
Tax liability cr.
tax liability Dr.
cr. Bank
fixed asset Dr.
rates and taxes cr.
fixed assets dr.
input c gst Dr.
input sgst Dr.
sundry creditor cr.
rates and taxes Dr.
Tax liability cr.
tax liability Dr.
cr. Bank
fixed asset Dr.
rates and taxes cr.
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