In a Construction Industry, Bamboos which are used for climbing (reusable at different sites) and plywood be considered as Fixed Asset or Material Purchase ? Total Value of all is Rs.1100000 Kindly suggest.
In a Construction Industry, Bamboos which are used for climbing (reusable at different sites) and plywood be considered as Fixed Asset or Material Purchase ? Total Value of all is Rs.1100000 Kindly suggest.
In my opinion, bamboo should be accounted as consumables with stock because with every use the no. of bamboo and plywood will keep on getting reduced.
If it's 11 lakh of bamboo then your auditor will also likely ask you to capitalise it.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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