I have a client, which having bussines of Educational institution. and they purchasing some lab equipments for lab.
can we treat those items as asset?
If lab equipments given benefit for period more than a year. It should be classified. This is as per accounting standard on assets.
Is Lab Equipments Comes under which head like Equipment & tools or if any. please
Like below heads
| Furnitures & Fixtures |
| Computer Equipments |
| Intangible Assets |
| Leasehold improvements |
| Plant & Machineries |
| Vehicles |
you can create "Lab Equipement" for better understanding, classification & identification.
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