Fixed assets
This query is : Resolved
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
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
(Expert)
27 December 2013
it is not a fixed asset charge it to profit and loss account as a repairs and maintance
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
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
(Expert)
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...
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...
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