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fixed assets

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 April 2010 i have purchase one machinery in 25th march and book under purchase account.
at 31st march the machine laying at stores and a part of closing stock of stock of spare .

machinery shown in closing stock or capital wip ?
which is right
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Kamlesh Chokhani

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Kamlesh Chokhani (Expert)
14 April 2010 Dear Friend

it appears that is this machinery is capital item and not revenue stores.

it should be classified as Capital inventory and should form part of Capital work in progress. In the capital work in progress schedule Capital inventory should be shown separately.

Thanks

Kamlesh
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
14 April 2010 AGREE WITH KAMLESH JI. IT SHOULD BE PART OF YOUR CAPITAL WIP AND NOT YOUR CLOSING STOCK.
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
14 April 2010 agreed
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