Assets
This query is : Resolved
14 February 2009
Hi all,
Kindly resolve the following query:
An educational institute has decided to procure the following items:
1. Drum Set
2. Amplifier
3. Guiter etc.
The musical items indicated above are required for students amusement, entertainment or say for development of the students. Now, my question is-
Are these assets or not? If asset then why? and If not then also for what reasons? Kindly specify the journal entry to be passed for purchase of such items.
Thanks in advance.
Kindly resolve the following query:
An educational institute has decided to procure the following items:
1. Drum Set
2. Amplifier
3. Guiter etc.
The musical items indicated above are required for students amusement, entertainment or say for development of the students. Now, my question is-
Are these assets or not? If asset then why? and If not then also for what reasons? Kindly specify the journal entry to be passed for purchase of such items.
Thanks in advance.
15 February 2009
when you are getting benefit from any item for more than one accounting year then it is treated as an asset.
Since these musical intruments will be used for more than 1 year they are assets.
Musical intrument A/c Dr. XXX
To Cash / Bank A/c XXX
Since these musical intruments will be used for more than 1 year they are assets.
Musical intrument A/c Dr. XXX
To Cash / Bank A/c XXX
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS 194-T applicability
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- Section 50-fixed asset-->building ceases to exist
- Withdrawal in cash from partners capital account by partner
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- Putting a heading on received mail
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Regarding Applicability of Tax Audit u/s 44AB
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
