Requirement of three quotes
This query is : Resolved
13 September 2011
Dear all,
I am working as an Accountant in US based MNC.
I have asked our Purchase Dept. to obtain three quotes for purchase of Furnitures worth INR 2,00,000/-
In response to the same our Purchse Dept has raised questions, that why they should provides three quotes and why furniture should be capitalised.
Please guide in this matter.
Regards
Parmar Gunvant
I am working as an Accountant in US based MNC.
I have asked our Purchase Dept. to obtain three quotes for purchase of Furnitures worth INR 2,00,000/-
In response to the same our Purchse Dept has raised questions, that why they should provides three quotes and why furniture should be capitalised.
Please guide in this matter.
Regards
Parmar Gunvant
13 September 2011
1.Three quotations are required is to buy from the prospective supplier who quotes minimum. In case supplier who receives the order, fails to execute the order, order can be placed on another who quotes minimum again.
2.Furniture is a Fixed Asset used in the business not for sale therefore it is to be capitalized.
Please explain the above points
2.Furniture is a Fixed Asset used in the business not for sale therefore it is to be capitalized.
Please explain the above points
03 October 2011
I agrees with the reply of the expert
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