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Purchase of paintings - to be booked as furniture-fixtures

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(Querist)
16 November 2012 Hi All!

We have purchased some paintings. Just wanted to confirm whether it should be capitalised as Furniture&Fixtures

Rgds,
Ramesh
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CA SAYANTAN BASU

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CA SAYANTAN BASU (Expert)
16 November 2012 Dear sir ,

As per companies act 1956 it has been stated that any purchase below rs 5000 will be considered as revenue expenditure and will be taken in the Profit and Loss account instead of balance sheet . So in that case , if the paintings are less than rs 5000 it will be better to strike off in the profit and loss account .

If it is more than put it under furniture and fixture ..... Fixture means any thing fixed to wall .So in that case paintings are normally fixed to the wall .So it can be grouped to the furnture and fixture ......

HOPE THIS WILL SOLVE YOUR QUERY ....
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