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 Topics :
- GSTR-9 Table 8A Portal and Excel Issues
- IGST on Commercial Rental Income (Different State)
- Revocation of suo moto cancelled GST registration
- Is there any faculty taking chapterwise test in CA
- Late Fees and Interest
- HDFC Bank’s Bureaucracy: The Nightmare of Fl
- Running a CSC Center, Maha E-Seva Kendra, Setu Ken
- GSTR-9 Table 8A issue
- CA Inter Coaching institutes at Hyderabad
- Looking for practising CA
Related Topics :
CAclubindia
