Question

Where is entry of Repairs in final account

Answer 1

Answer:

repairs are of nominal amount or just for normal maintenance then you can charge it to Revenue i.e Debit to Profit and Loss Account.

Answer 2

Answer:

At the end of an accounting period, add up the total repairs and maintenance expenses you have recorded during the period. Write “Repairs and maintenance expense” and the total amount as a line item in the operating expenses section of your income statement.

Repairs and maintenance are expenses a business incurs to restore an asset to a previous operating condition or to keep an asset in its current operating condition. ... This type of expenditure, regardless of cost, should be expensed and should not be capitalized.Feb 1, 2018

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