Fixed assets

Save Share

This query is : Resolved

amruth (Querist)
Follow

27 December 2013 Dear All

By how much value we can take as Fixed assets .

in your company purchases a Battery of Rs.7000/- can we take it as fixed assets.

Other wise it comes under which head
Thanking You

Amruth kumar

Ganeshbabu K

Ganeshbabu K (Expert)
Follow

27 December 2013 it is not a fixed asset charge it to profit and loss account as a repairs and maintance

amruth

amruth (Querist)
Follow

28 December 2013 Dear Sir,

Another question by what amount we can take into fixed asset.

My friend is telling a value that cross Rs.5000/- then it comes under fixed asset, is it true.

Thanking You

Amruth Kumar

CA Sanjeev Kumar

CA Sanjeev Kumar (Expert)
Follow

28 December 2013 An item to be booked as "assets" when all condition are meet ;
1. It give the future economic benefit, means to be used in business.
2. There is cost/fair value.
3. there is control on the asset as how and when to use.
4. its life is more than a year.
5. amt is material. Material means 1% of gross sale or reasonable amt like 5k to 10k.

so on that basis, u can answer ur query by ur self...

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now