fixed assets
This query is : Resolved
Querist : Anonymous
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
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
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
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
14 April 2010
AGREE WITH KAMLESH JI. IT SHOULD BE PART OF YOUR CAPITAL WIP AND NOT YOUR CLOSING STOCK.
14 April 2010
agreed
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Under construction property in ITR
- Gift of mutual fund units to daughter
- Not able to file ITR
- Building tax payment deduction in rental Income
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Reporting of STCG on Property in ITR
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
