shall we include painting material & painting exp. in Building ( fixed Assets )
6 Replies
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 21 December 2012
They should be debited to P&L. Painting of the building does not increase the life of the building, but it just seeks to show the building neat & tidy.
nayan
(article assistant)
(466 Points)
Replied 21 December 2012
if it is during the construction of building then capitalise it and if it is for the rennovation afterwards then treat it as revenue expenditure and if it is just like the painting of big shooping complex which can effect the business performances then plz deffer the expenses of painting for useful years. hope you got it
CA Sourabh Goenka
(Chartered Accountant)
(249 Points)
Replied 21 December 2012
| Originally posted by : nayan | ||
 |
if it is during the construction of building then capitalise it and if it is for the rennovation afterwards then treat it as revenue expenditure and if it is just like the painting of big shooping complex which can effect the business performances then plz deffer the expenses of painting for useful years. hope you got it |
|
It's right...
deepaksamra
(Accountant)
(52 Points)
Replied 22 December 2012
On new building construction Capital nature therefore added in Building A/c & after that Revenue nature Repair & Maintenance / Renovation Expenses
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