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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Fixed asset
Replies (4)
Nitish it will be consider as a personal asset and also it depend on its nature of use...
Thnks alot for ur reply
but if i am preparing my own balance sheet den hw shud i classify it
n i m using it on daily basis for maintaining correspondence n documents related to my business
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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