Fixed assets capitalisation
This query is : Resolved
17 April 2018
Hello Sir,
Some Equipments Purchased for GYM of Amount Rs.5016/- so is it mandatory to capitalize it or it can be booked as Expense ?
Please Reply.
Some Equipments Purchased for GYM of Amount Rs.5016/- so is it mandatory to capitalize it or it can be booked as Expense ?
Please Reply.
17 April 2018
Without any reference to the amount, if the recognition criteria of Ind as 16 or As 10 revised, is satisfied then you need to capitalize. Otherwise charge it to P & L.
Ind as 16 says
The cost of an item of PPE shall be recognize as an asset if, and only if: It is probable that future economic benefit associated with the items will flow the entity; and The cost of the item can be measured reliably.
If both the condition above are satisfied, then capitalize.
Ind as 16 says
The cost of an item of PPE shall be recognize as an asset if, and only if: It is probable that future economic benefit associated with the items will flow the entity; and The cost of the item can be measured reliably.
If both the condition above are satisfied, then capitalize.
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