Can we capitalize value of Car Accessories like key cover, cover, seat cover

i have purchased a car. can i add the value of Car Accessories like key cover, cover, seat cover etc & capitalize to take depreciation of it. or expense it directly

Replies (4)
Quick Summary
This discussion explores whether car accessories such as key covers and seat covers can be capitalised and depreciated, or if they should be expensed directly. The consensus is that these items are generally considered personal or administrative expenses and cannot be added to the car's capital value for depreciation, especially if used for partner commutation. They should typically be treated as admin expenses.

Is it personal or for company? If it is used in production, now then expenses can be capitalised only if they aid in production as well. 

No, you cannot take such expenses with added to car. Depreciation is claimed on cost of asset
Originally posted by : yasaswi gomes
Is it personal or for company? If it is used in production, now then expenses can be capitalised only if they aid in production as well. 

it is used by partners for commutation
 

Please put it into admin expenses. 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register