RAJ KUMAR (FINANCE MANAGER) (1393 Points)
08 September 2011HELLO FRIENDS, PLS. TELL ME IF A PLOT OF LAND IS PURCHASED BY THE TRUST, IT IS TO BE SHOWN UNDER THE SCHEDULE OF FIXED ASSETS WITH 0 RATE OF DEPRECIATION OR IT IS TO BE SHOWN AS AN INVESTMENT.
AND WHETHER ADVANCE SALARY, IMPEREST A/C IS TO BE SHOWN UNDER THE HEAD CURRENT ASSETS OR LOANS & ADVANCES.
PLS. REPLY ME.
THANKS.
Mihir
(Wealth Manager)
(5293 Points)
Replied 08 September 2011
It depends on the purpose of buying the plot of land.
Advance salary will come under loans and advances, and loans and advances come under current assets.
RAJ KUMAR
(FINANCE MANAGER)
(1393 Points)
Replied 08 September 2011
IMPEREST A/C WILL COME UNDER THE HEAD CURRENT ASSETS?
CAN I SHOW THE PLOT UNDER THE FIXED ASSETS.
Ravi Jhamb
(Accountant Officer)
(677 Points)
Replied 08 September 2011
As per the AS-10 every type of assets excluding land is covered under the fixed Assets which are not depreciated as per accounting standard. The rate of depreciation is prescribed in the accounting principle.
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 08 September 2011
if plot is purchased for the use of trust than it should be capitalised
Ravi Jhamb
(Accountant Officer)
(677 Points)
Replied 08 September 2011
you will show land as fixed assets in the Assets side
LALIT KUMAR GANERIWAL
(accountant)
(241 Points)
Replied 08 September 2011
if you purchase a plot for the purpose of investment then show in investment if its the purpose of resale in same condition the company has not builder: if company work as promoter than fall under stock by way of purchase
advance salary to staff under in loans & advance
sorry your imperest spelling is wrong correct one is imprest correct in your books its also fall under in loans & advance.
Shah Tarun
(Student)
(800 Points)
Replied 09 September 2011
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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