Law books purchased is an asset or an expenses

A/c entries 2062 views 2 replies

Dear Expers 

Please Clarify Law books Purchased is an Asset or an Expenses to an Organization.

 

Thanks in Advance

Replies (2)

depends on you... in my view treat them as expense... 

From tax point of view If purchased by a professional for da use of profession it will be an asset and at da end of the each year 60% depreciation will be charged(WDV method)


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