If expenses incurred regarding fixed Assets on or above Rs. 5000
This query is : Resolved
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13 February 2022
If expenses Incurred regarding Fixed assets on above Rs. 5000.(rs. Five thousand ) always should be capitalized, even incurred for repairs and maintenance Regarding, Any Fixed Assets.
or if any criteria then please reply also.
or if any criteria then please reply also.
13 February 2022
The capitalization is for new purchase, but not for repairs of existing asset.
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13 February 2022
If expenses incurred regarding existing Fixed assets and assets useful life more than 1 Years ,
what should to do.
what should to do.
13 February 2022
If its for repairs of the existing asset for maintaining it to original shape/condition, account it under 'Repairs & maintenance'
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