Fixed assets
This query is : Resolved
09 April 2012
purchase of toner cartridge should be shown
under fixed assets or show as computer exps in profit & loss a/c.
under fixed assets or show as computer exps in profit & loss a/c.
10 April 2012
It is shown as computer expenses in profit & loss a/c because generally it is used within a year and also considering materiality concept amout less than rs.5000 to be treated as revenue item (emphasis supplied)
10 April 2012
Advisable to show as computer & accessories expenses in Profit & loss ac.
AS 6 on Depreciatio accounting specifically provided that asset below 5,000 should not required capitalisation. Even it would be difficult to maintain Fixed asset register for such small items vis a vis its control when auditor ask for physical verification.
Thanks
Mihir Doshi
AS 6 on Depreciatio accounting specifically provided that asset below 5,000 should not required capitalisation. Even it would be difficult to maintain Fixed asset register for such small items vis a vis its control when auditor ask for physical verification.
Thanks
Mihir Doshi
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
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- Unregistered suppliers utility
- ADVANCE PAYMENT OF ADVOCATE
- NRI starting business in India
- ITDS U/S.194T of Firm
- Non-Compliance documents have not been submitted by the contractors debited
- Filling ITR - U
- TDS ON EMAIL DOMAIN SERVICE BILL
- UNWANTED CREDIT BALANCE OF GST AS PER BOOKS
- CREDIT NOTES WITHOUT GST
- Taxable or Tax exempt
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
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
