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
- About TDS & Income Tax
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- GST ON TRAVELLING BILLS
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
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
