financial accounting
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 January 2011
in accounting.
for providing depreciation ownership is neccesary or not ? What will be if asset taken on lease for 3 months ?
for providing depreciation ownership is neccesary or not ? What will be if asset taken on lease for 3 months ?
Aditya Maheshwari
(Expert)
19 January 2011
In case of finance lease you record the assets in your books and charge depreciation.
If assests taken on lease for 3 months then it is operating lease and lease rent charged to P & L A/c.
If assests taken on lease for 3 months then it is operating lease and lease rent charged to P & L A/c.
Vivek Raju P
(Expert)
19 January 2011
no ownership is not necessary for depreciation in accounting, say finance lease assets. or interiors of a operating lease building.
3 months will always be operating lease and has to be charged to P&L
3 months will always be operating lease and has to be charged to P&L
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