Construction
Import Duty on Imported Plant & Machinery
Capitalizing customs duties on imported construction equipment (e.g., excavator, tower crane).
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Plant & Machinery (Fixed Asset) | Asset (+) | 12,000.00 | - |
| Cash in Bank | Asset (-) | - | 12,000.00 |
💡 Accountant's Note
Import duties on plant are part of the asset's total cost and are capitalized. They increase the depreciable base of the equipment.
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