capitalise or expenses
This query is : Resolved
31 May 2017
I'd like to know if it is mandatory to capitalise or show as expenses an asset having value more than Rs.5000. Please.
31 May 2017
Not mandatory you can decide being the small value either to capitalize or charge off to revenue.
31 May 2017
No it is not mandatory, however you should follow standard practice while writing off or capitalising expenses.
31 May 2017
if assest value more, can we take it as revenue expenditure? what is the procedure to show expense.
01 June 2017
If the asset value is more and the asset is having more than one year life you can't charge it to revenue expenditure. You can decide on the value say asset value less than 10000 will be charged to revenue.
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