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Ownership of personal assets of director by the company

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 January 2014 Can anyone tell me whether a private limited company engaged in business of construction own a wrist watch?
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CA Hardik Bunha

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CA Hardik Bunha (Expert)
06 January 2014 yes, definately comapany can buy it.

but depreciation will not be calculate on it.

it will be considered as other current asset.
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Querist : Anonymous

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Querist : Anonymous (Querist)
11 January 2014 Why current asset Hardik ?
The company has not bought the watch for resale but for wearing apparel for the director.
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CA Hardik Bunha

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CA Hardik Bunha (Expert)
11 January 2014 IT IS NOT FOR RESALE STILL IT IS A CURRENT ASSET BECAUSE BALANCE SHEET OF COMPANY IS PREPARED BY FOLLOWING SCHEDULE VI
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