FIXED ASSETS OR CWIP

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ravinder singh rawat (Querist)
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13 November 2008 DEAR EXPERTS
WE ARE CONSTRUCTION HOUSE WE HAVE PURCHASED A DG SETS OF SITE OFFICE FOR RUNNING OUR SITE OFFICE OPERATION WHEATHER WE HAVE TO TAKES ITS AS FIXED ASSETS OR ITS PART OF CWIP. PLEASE GUIDE ME WITH SOME LITTLE EXPLANATION.

THANKS
RAVINDER

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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13 November 2008 If it is attached to site office fixed assets.

Deepak Agrawal

Deepak Agrawal (Expert)
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13 November 2008 Since it is used for Site Office, it is Fixed Assets

Ravikumar.G

Ravikumar.G (Expert)
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17 November 2008 FIXED ASSETS are those assets of a permanent nature required for the normal conduct of a
business, and which will not normally be converted into cash during the ensuring fiscal period.
For example, furniture, fixtures, land, and buildings are all fixed assets. However, accounts
receivable and inventory are not. Sometimes called PLANT.

Hence yours is FA.

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