Can anybody explain me the difference between REPAIR & RENOVATION, with example.
3 Replies
Rup Kumar
(finance manager)
(288 Points)
Replied 30 November 2011
33 nos of viewer, but no one answered.
Phalgun
(Audit Manager)
(327 Points)
Replied 30 November 2011
Generally the term repair refers to improvement of an existing asset. Say repair of a break down machine.
Renovation refers to giving new design, shape or new face to the structure like. Constructing the existing building by demolishing or adding value on features to existing building.
C.A. Sandeep Wawhal
(CA, PGDFM, BCom)
(1831 Points)
Replied 01 December 2011
Simply, if repair is substantial part of asset then it is renovation. Repair is made for particular parts of asset for imrovment in effeciency only while renovation is made for each part of asset to improve life and effeciency of asset.
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