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Major Campus Renovation — Capitalized
Capitalizing a significant renovation of a science block that extends the building's useful life.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Building (Fixed Asset — Enhancement) | Asset (+) | 500,000.00 | - |
| Cash / Bank / Contractor Payable | Asset/Liability (-) | - | 500,000.00 |
💡 Accountant's Note
Major renovations that significantly extend the asset's life or enhance its capability are capitalized. Routine repainting or repairs are expensed. The line between the two requires professional judgment.
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