fixed assets
This query is : Resolved
06 July 2011
if i have a motorcycle and i sell it with in a six month period so it is a fixed assets or a current assets.
06 July 2011
As per As-10 your question can be answered in two different way depending on the purpose of PURCHASE and SALE.
1) If it was purchase for being used, than it is FIXED ASSETS.
2)If it was purchased for resale (Operating Activity) Than not a FIXED ASSETS.
1) If it was purchase for being used, than it is FIXED ASSETS.
2)If it was purchased for resale (Operating Activity) Than not a FIXED ASSETS.
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