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NAME BOARD ACCOUNTING REG
I AM A PARTNER IN LLP FIRM.FOR MY FIRM I HAVE SPENT Rs.290200/ FOR NEON NAME BOARD OF MY FIRM.IT IS AN EXPENDITURE OR ASSET.IF ASSET THEN IT WILL COME UNDER WHICH CATEGORY OF ASSET.KINDLY CLARIFY.
Replies (2)
The expenditure made on a name board for a company is typically considered as a type of fixed asset. Fixed assets are long-term assets that a company owns and uses in the production of goods or services, or for administrative purposes, rather than for resale.
I'm assuming that the neon sign will be used or the life of the board is over 1 year, however given the nature of expenses is towards the advertisement, it can be treated as deferred revenue expenditure wherein you'll be revolutionizing the cost over the expectancy life of the board. other experts, please share your thoughts on the same
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