Furnitures & fixtures used in employees quarters
This query is : Resolved
HARSHIT JAIN
(Querist)
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?
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
(Expert)
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
(Expert)
15 February 2013
Please let me know in case of any doubt or concerns
HARSHIT JAIN
(Querist)
15 February 2013
Sir,
my question is in relation to furnitures & fixtures and not plant & machinery. kindly restate your answer.
my question is in relation to furnitures & fixtures and not plant & machinery. kindly restate your answer.
kodiya mohammed asif
(Expert)
15 February 2013
Yes . You must capitalize the assets
Hemant Kumar
(Expert)
15 February 2013
Agree with expert.. It should be capitalized.
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