Can any one help regarding accounting of assets purchased by the company Like.....
1. Assets less Rs. 5000
2. Invertory Battery
3. Transportion cost with assets purchased
treating like Fixed Assets or not accordign to Comapny law and Income TAx Act....
Dear,
It is not a assets which cost is less than Rs 5000/-
If Bateries cost is less than Rs 5000/- booked it in expensess
If assets cost is more than Rs 5000/- then you have booked tranportation cost and also Erection & Installation charge add it one time.Full cost booked in Assets
CAclubindia
