Fixed Assets
This query is : Resolved
15 January 2011
Respected Expert,
I want to know which type of item booked for capital item is any AS mentioned the particular value for capitalized the item like above 5000 amount value item only capitalized, Kindly clear my doubt.
Thanks & Regards
I want to know which type of item booked for capital item is any AS mentioned the particular value for capitalized the item like above 5000 amount value item only capitalized, Kindly clear my doubt.
Thanks & Regards
15 January 2011
Accounting standard -10 Fixed assets gives a guide to treatment of fixed assets. Rs.5000 limit is fixed in Companies act.so refer AS-10 fully for fixed asset capitalisation and accounting
15 January 2011
AS 10 doesnot specify the monetryy limit of 5k it has to be read with the companies act.
Also there is no bar from capitalising an item less than 5k if it is felt it is necessary for tracking the assets better.
Also there is no bar from capitalising an item less than 5k if it is felt it is necessary for tracking the assets better.
15 January 2011
Source from my first reply
" Rs. 5000 limit is fixed in Companies act."
" Rs. 5000 limit is fixed in Companies act."
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