Block of asset for lpg stove purchased by a company
This query is : Resolved
08 November 2012
A company has purchased one LPG Stove with related fittings for one of the furnished accomodation it has provided to its executive. The Value of the stove with fittings is less than 5000/- (Rs 1420/- only)
According to the Companies Act, any asset whose value is less than 5000/- should be capitalized but depreciated at 100%.
What should be the block of asset for this LPG Stove for the purpose of capitalization. Can it be shown under the Block "Furniture and Fittings" ? Please Help..
According to the Companies Act, any asset whose value is less than 5000/- should be capitalized but depreciated at 100%.
What should be the block of asset for this LPG Stove for the purpose of capitalization. Can it be shown under the Block "Furniture and Fittings" ? Please Help..
08 November 2012
no depreciation can be claimed and it cannot be shown in the books as it cannot be classified as fixed assets because it does not provide any enduring benefit to the business..
it can be claimed as rvenue exp as staff welfare expenses
it can be claimed as rvenue exp as staff welfare expenses
13 November 2012
100% Dep means expense it off. No need to retain it inthe book.
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
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- Reporting Income under Section 44ADA
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR returnFY25-26
- ITR 2 Short Term gain & Long term gain
- Share accounting-->fifo - capital gain - period as per fifo?
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
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
