03-15-2010, 02:25 PM
Our Organization is in progress of adding another building for its office space. Though the building is in construction phase the partially completed area of the building is in use
1. The construction is in progress and hopefully be completed in April but the project completion certificate along with the final bill for the project will be available in September (after detail checking).
2. The construction is 90% complete in June. The partially completed area in under use
The financial year ends on May
Should we capitalize the asset on partial amount in May/June to start taking depreciation.
1. The construction is in progress and hopefully be completed in April but the project completion certificate along with the final bill for the project will be available in September (after detail checking).
2. The construction is 90% complete in June. The partially completed area in under use
The financial year ends on May
Should we capitalize the asset on partial amount in May/June to start taking depreciation.
