Fixed asset accounting
This query is : Resolved
Manjiree Sawant
(Querist)
07 July 2015
Hi
If we purchase 3 wall clock Amount Rs 7965/-
Do we need to create an asset for the same.
Is there any guidelines for fixed asset accounting as per the new company act?
If yes request you to share the document.
BR
Manjiree
If we purchase 3 wall clock Amount Rs 7965/-
Do we need to create an asset for the same.
Is there any guidelines for fixed asset accounting as per the new company act?
If yes request you to share the document.
BR
Manjiree
CA R SEETHARAMAN
(Expert)
07 July 2015
There is no guide line for capitalizing such type of small value assets. You can declare in the accounting policy say asset costing each less than Rs 5000 is depreciated fully/charged to revenue and charge off those assets.
Manjiree Sawant
(Querist)
07 July 2015
Thank You for the reply.
Is there any change in company act for fixed asset capitalization process. if yes please forward the link or document
BR
Manjiree
Is there any change in company act for fixed asset capitalization process. if yes please forward the link or document
BR
Manjiree
CA R SEETHARAMAN
(Expert)
07 July 2015
I am not allowed to copy the link. Search in tax guru.com.
08 July 2015
clock is not an asset but an exp as it does not fit in definition of asset
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