How to treat
This query is : Resolved
22 July 2009
We have purchased a new office in Delhi. Where we give contract to a party to set up office ( Like wiring, furniture, Wooden almirah attached with wall, light, marble floor etc.) then our company clubbed whole exp in acount of office set up under fixed assets(Furniture) and charged dep on it @ 10% P.A. under I.T Act. Is it write if No then plz tell me where it is clubbed Thanks in advance
23 July 2009
Yes, it has been correctly capitalised under the head of Furniture and Fixture which is to be depreciated @ 10%.
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