Is rented building is our fixed assets
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 November 2012
Dear Expert
Plz clearify that I have income from rent of property only while preparing final accounts i have include that rented building in fixed assets in balance sheet.
Wheather its right or not
or rented property should not be include in Fixed Assets
please clear it in reference to Act
Plz clearify that I have income from rent of property only while preparing final accounts i have include that rented building in fixed assets in balance sheet.
Wheather its right or not
or rented property should not be include in Fixed Assets
please clear it in reference to Act
02 December 2012
You have done it correctly. The nature of asset does not get changed by letting it out. Fixed asset remains as such until you convert the same into stock in trade or otherwise.
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