Confusion to take the item as asset or expense
This query is : Resolved
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 ?
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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