Accounting treatment
This query is : Resolved
Hasmukh Nakarani
(Querist)
18 May 2010
A private limited company dealing in Electronics product and at the end of the year company has decided to show some of regular purchase of product as Fixed Assets. however company has fillied Annual VAT return..
Is it Possible?
Is it Possible?
Akbar Mirza
(Expert)
20 May 2010
Here the company is dealing in electronic product, hence purchase of electronic product shall be treated as inventory and not as fixed assets.
Hence in given situation, Co. can not treated as Fixed Assets.
Hence in given situation, Co. can not treated as Fixed Assets.
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