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ASIF ALI MEMON   05 August 2021

TREATMENT OF CARPET IN OFFICE

WE HAVE PURCHASED A CARPET OF RS 50,000/ IN OUR OFFICE PLEASE GUIDE THE ACCOUNTS ENTRY EITHER EXPENSE OR ASSET



 6 Replies

Sourav

Sourav (Student)     05 August 2021

Whether it is used for business purposes??
ASIF ALI MEMON

ASIF ALI MEMON   05 August 2021

NO IT IS NIT USED FOR BUSINESS URPOSE

Nidhi

Nidhi (Chief Accountant)     05 August 2021

It's expenses, transfer it to p&l account as indirect expenses
1 Like
Sourav

Sourav (Student)     06 August 2021

Then depreciation should not be chay
Rama chary Rachakonda

Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)     06 August 2021

 

If your new carpet is an improvement rather than a repair, you must treat the expense as a capital expense and depreciate it over time. You're likely already depreciating the value of your property -- depreciating an improvement works roughly the same way. Your carpet has its own depreciation schedule.

CA Puja Sharma

CA Puja Sharma (Chartered Accountant)     06 August 2021

In my opinion record the carpet under the head Furniture and Fixtures and charge Depreciation @ 10%


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