Capitalising Of Cars

Discussion in 'General Accountancy Discussion' started by SUNIL R, Jul 15, 2017.

  1. SUNIL R

    SUNIL R

    Joined:
    Jul 15, 2017
    Messages:
    1
    Likes Received:
    0
    We bought a car for 150,000 and paid to supplier 150,000
    and leased the vehicle bank paid 160,000
    so what amount should I capitalize as asset 150,000 or 160,000.
     
    SUNIL R, Jul 15, 2017
    #1
    1. Advertisements

  2. SUNIL R

    Fidget VIP Member

    Joined:
    Jan 6, 2013
    Messages:
    391
    Likes Received:
    52
    Location:
    UK
    Usually any capitalised assets are capitalised at cost, and you can then choose whether to continue that or opt for revaluation.

    If you then go on to lease the asset, how you treat it will depend upon which accounting standards you're using.
     
    Fidget, Jul 16, 2017
    #2
    1. Advertisements

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments (here). After that, you can post your question and our members will help you out.
Similar Threads
  1. Sally Choise

    Re: Mileage Rates for Cars in 2002

    Sally Choise, Dec 13, 2003, in forum: Accounting
    Replies:
    1
    Views:
    564
    Wayne Brasch
    Dec 13, 2003
  2. mhdinner@optonline.net

    Taxes on leased cars

    mhdinner@optonline.net, Apr 1, 2005, in forum: Tax
    Replies:
    1
    Views:
    558
    A.G. Kalman
    Apr 2, 2005
  3. scott
    Replies:
    3
    Views:
    421
    scott
    Nov 9, 2003
  4. Sarvid

    Capitalising intangibles

    Sarvid, Jul 2, 2011, in forum: Technical Queries
    Replies:
    0
    Views:
    710
    Sarvid
    Jul 2, 2011
  5. enzo

    UK Capitalising Asset in next accounting period

    enzo, May 30, 2012, in forum: General Accountancy Discussion
    Replies:
    1
    Views:
    642
    Cheaper Accountant
    Jun 1, 2012
  6. joannacodarin

    charity capitalising refurbishments

    joannacodarin, Feb 20, 2013, in forum: Businesses / Corporations
    Replies:
    1
    Views:
    523
    bklynboy
    Feb 20, 2013
  7. Alexander Quainoo

    Capitalising Work In Pogress

    Alexander Quainoo, Jan 23, 2017, in forum: Technical Queries
    Replies:
    0
    Views:
    125
    Alexander Quainoo
    Jan 23, 2017
Loading...