Whether utensils are considered as an fixed asset in a hotel
This query is : Resolved
23 November 2011
Please answer my query ASAP.
whether Utensils are considered as an fixed asset in an hotel industry?
whether Utensils are considered as an fixed asset in an hotel industry?
25 November 2011
Hi chirag. The answer to your qquestion is no. Actually utensils are consumables which cannot be carried forward in the balancesheet. The life of utensils used in a hotel can be taken as not exceeding one year and as such depreciating such items will not be coinsidered suitable according to accounting standards.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Difference between Date of Payment and Date of Deduction?
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Journal entry of busniess expenses
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- IS AUDIT MANDATORY IF COMMISSION INCOME IS MORE THAN 50 LAKH
- RATE AND HSN CODE
- Same demand raised for original as well as rectification request return
- Sale of property held jointly with a non resident Indian
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
