Block of asset for lpg stove purchased by a company

This query is : Resolved

Amit Kr. Mishra (Querist)
Follow

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..

CA Pooja Agarwal

CA Pooja Agarwal (Expert)
Follow

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

CA. Vikash Dwivedi

CA. Vikash Dwivedi (Expert)
Follow

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

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

K.Govindarajan

Prakash J C

Sharang Sanjay Mangalekar

ATUL MAKWANA

Leena

Subscribe Now

Block of asset for lpg stove purchased by a company

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

CA Final

GST CONSULTANT

Manager- Finance and Compliance

GST CONSULTANCY

Accountant