Fixed asset

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CS
30 Points Posted on 26 March 2014

if i have a luxurious pen , what will be the treatment of that pen.

i have an intention to use it for a longer period of time.

will it be an asset, if yes then Fixed asset or current asset

 

Thanks

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On 26 March 2014 at 10:50 Report
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Head Of Department (Accounts & Finance)
1479 Points Posted on 26 March 2014
Nitish it will be consider as a personal asset and also it depend on its nature of use...
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On 26 March 2014 at 11:40
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CS
30 Points Posted on 26 March 2014
Thnks alot for ur reply but if i am preparing my own balance sheet den hw shud i classify it
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On 26 March 2014 at 17:58
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CS
30 Points Posted on 26 March 2014
n i m using it on daily basis for maintaining correspondence n documents related to my business
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On 26 March 2014 at 17:59
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Head Of Department (Accounts & Finance)
1479 Points Posted on 26 March 2014
Sir pen cannot be classified as fixed asset of business. It can be treated as your personal assets ( luxurious) for wealth tax purposes. I suggest you to take more replies. Regards
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On 26 March 2014 at 18:15

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