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Accounting entry issue

A/c entries 103 views 1 replies

Ketan Sain

Mcom

2 Points Joined May 2025

Can we take a flag pole into a fixed assets but in which head it will taken (furniture/fixture)or any thing else

Replies (1)

Rama chary Rachakonda

Master in Accounts & high court Advocate

8979 Points Joined December 2011

A flagpole can be considered a fixed asset, and it would typically fall under the "Plant and Equipment" or "Other Fixed Assets" category, rather than "Furniture and Fixtures".

Here's a possible classification: -

*Plant and Equipment*: This category includes assets that are used for a specific purpose, such as flagpoles, lighting systems, or other outdoor equipment. -

*Other Fixed Assets*: This category can include miscellaneous fixed assets that don't fit into other categories, such as furniture, fixtures, or plant and equipment.

The specific classification would depend on the organization's accounting policies and the nature of the flagpole (e.g., its size, material, and purpose). It's worth noting that the classification of a flagpole as a fixed asset would also depend on its useful life, cost, and other factors.

If the flagpole is a significant investment and has a long useful life, it would likely be capitalized as a fixed asset.

However, if it's a small or insignificant item, it might be expensed immediately.

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