Menu
Fixed assets
i have a doubt in the fixed assets . in the individual balance sheet, Jewellery and silver hsd been showed as a fixed fixed assetsin the last year. is this correct way to show that as fixed assets, please advice me
Replies (3)
Why it is current asssets ? if not fixed
In the individual Balance Sheet, the jewellery items are considered as assets as they can be used or converted to cash during short duration & used for the purpose of business / profession.
If there are plans to realize the same within short duration, they can be considered as current assets else they are considered as fixed assets.
It depends on the nature of business and intention of the individual on acquiring the jewellery.
Recent Threads
- TAN for Multiple States
- Delivery Challan serial number Issue and return ru
- After filing form 71 For TDS mismatch
- UNCLAIMED TDS REFUND QUERY
- Rcm payable which head
- Query of GST
- Long Term Capitalgains on sale of residential prop
- How Salaried Individuals Can Reduce Capital Gains
- NSTPI registration
- GST PAID IN DELHI
Related Threads
CAclubindia
