fixed assets accounting
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 July 2011
Sir
Please let me know what is capitalisation of Fixed assets?How it is capitalised?why it is not recorded as expense when we purchase an asset?
Regds
sanjeev sharma
Please let me know what is capitalisation of Fixed assets?How it is capitalised?why it is not recorded as expense when we purchase an asset?
Regds
sanjeev sharma
11 July 2011
Fixed is mean the assets purchases of which the firm or the company gets the enduring benefits and is written off by way of depreciation in number of years. Since the benefit of assets purchased is taken for number of years that is why it is not allowed as expenses. Say you have purchased a chair if you charge the cost to the expenses next year you will ask yourself that this chair is an asset but it is not appearing as an assets as because this chair can be used for number of years. Hence, it is to be shown in the Balance sheet as Fixed assets.
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
- ITR 2 Short Term gain & Long term gain
- Off Market debit and credit transaction
- Itr 1 processing
- Reporting Income under Section 44ADA
- ITR 1: Details for showing Exempt Income
- ITR returnFY25-26
- Bank Accounts in Balance Sheet for ITR 3
- ITR validation error - Balance sheet is not filled
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
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
