Depends upon the life of the asset. Long-term is non current and short term is current assets. Only company accounts are shown as company accounts. Other assets cannot be included. Only two types of assets, capital assets used in business and assets used for capital appreciation like land and share investments
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Good sold for shares
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Depends upon the life of the asset. Long-term is non current and short term is current assets. Only company accounts are shown as company accounts. Other assets cannot be included. Only two types of assets, capital assets used in business and assets used for capital appreciation like land and share investments
Yes agree with you sir
but the company get this asset(machine) from its INSOLVENT debtor and the company is intend to sell this machine so why query is how this machinery is recorded in company balance sheet till it is not sold ??
but the company get this asset(machine) from its INSOLVENT debtor and the company is intend to sell this machine so why query is how this machinery is recorded in company balance sheet till it is not sold ??
Dr Held for sale asset
Cr. Debtors
And Dr. Any loss as impairment loss. Stop depreciation
In My opinion sale for exchange of machinery,
If such machinery is not used in the normal course of business then such assets must be classified under investments be it current or non-current.
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