Acconting treatment of Plant and Machinary
This query is : Resolved
Laksminarayan
(Querist)
04 March 2011
Dear Sir/Madam,
Plz, guide me accounting treatment of Machinery used in production for 1 month. machinery costing Rs. 20000.
Machinery lifetime 1 month
whether it is a Fixed asset or current asset?
what is the rate of depreciation chargeable?
Plz, guide me accounting treatment of Machinery used in production for 1 month. machinery costing Rs. 20000.
Machinery lifetime 1 month
whether it is a Fixed asset or current asset?
what is the rate of depreciation chargeable?
CMA Ramesh Krishnan
(Expert)
05 March 2011
As per AS-10 Fixed asset is having more than one accounting period. in yout case machine is working for 1 month, then it need to be treated as consumables and directly can be debited in to expense account
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