Furnitures & fixtures used in employees quarters

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HARSHIT JAIN (Querist)
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15 February 2013 Sir,
Kindly tell me the accounting of Furnitures & Fixtures to be used in Employees' Quarters & Company Guest Houses. Should they be capitalized or immediately written off?

kodiya mohammed asif

kodiya mohammed asif (Expert)
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15 February 2013 It should be capitalized "Provided that where the aggregate actual cost of individual items of plant and machinery costing Rs. 5,000 less constitutes more than 10 per cent of the total actual cost of plant and machinery, rates of depreciation applicable to such items shall be the rates as specified in Item II of the schedule."

kodiya mohammed asif

kodiya mohammed asif (Expert)
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15 February 2013 Please let me know in case of any doubt or concerns

HARSHIT JAIN

HARSHIT JAIN (Querist)
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15 February 2013 Sir,
my question is in relation to furnitures & fixtures and not plant & machinery. kindly restate your answer.

kodiya mohammed asif

kodiya mohammed asif (Expert)
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15 February 2013 Yes . You must capitalize the assets

Hemant Kumar

Hemant Kumar (Expert)
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15 February 2013 Agree with expert.. It should be capitalized.

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