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Confusion to take the item as asset or expense

This query is : Resolved 
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(Querist)
02 February 2016 Our society has Purchased Alkosign make Magnetic White Board costs Rs.4200/- and 3 leg stand Rs.2900/- I have to take the same as asset or show it as an expense ?
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Chinay Solanki

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Chinay Solanki (Expert)
02 February 2016 You have not mentioned the nature of work of the entity in which the transaction has taken place. Since the item is not material enough(less than Rs 5000) you may treat the said item as an expense.
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