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library books

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(Querist)
09 June 2016 can any one tell me what should be the accounting treatment of Library book. in educational institutions books of accounts
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Rupesh Jain

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Rupesh Jain (Expert)
09 June 2016 it is show under fixed assets, but under income tax you can claim deprecation 100%.
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Bharat

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Bharat (Querist)
09 June 2016 i think its not be a fixed assets as per AS10.
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CA Amrita Chattopadhyay

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CA Amrita Chattopadhyay (Expert)
10 June 2016 The books can be shown as the consumables for the educational institution. The definition of fixed assets as per AS 10 it should be used for the purpose of business or rendering of services
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Bharat

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Bharat (Querist)
10 June 2016 okk thanks
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