Fixed asset accounting

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Manjiree Sawant (Querist)
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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

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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

Manjiree Sawant (Querist)
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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

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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07 July 2015 I am not allowed to copy the link. Search in tax guru.com.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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08 July 2015 clock is not an asset but an exp as it does not fit in definition of asset

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