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Carpenter's fee

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Account officer
44 Points Posted on 01 July 2016
please clear one thing, if we pay a some of money to a carpenter for making of office furniture so , is it comes in furniture & fixture or an expense
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On 01 July 2016 at 12:10 Report
Replies (5)
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j j
117 Points Posted on 01 July 2016
it should be accounted in expenses
1 Reply
On 01 July 2016 at 19:28
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j j
117 Points Posted on 01 July 2016
it depends on fees if it is more than nominal amount than it should be capitalised
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On 01 July 2016 at 19:30
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C.A
496 Points Posted on 01 July 2016
if furniture is new and amount is above 5000 then capitalize
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On 01 July 2016 at 20:05
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1 Points Posted on 01 July 2016
if furniture is new.. it will be capitalised irrespective of amount.
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On 01 July 2016 at 20:55
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Chartered Accountant
31 Points Posted on 01 July 2016
Making of furniture will result into an Asset...

It will have life obviously more than a year...

so it should be capitalize and not to be recorded as an expense

If some repair work has been done then only charge it to expense
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On 01 July 2016 at 23:20


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