WE HAVE PURCHASED A CARPET OF RS 50,000/ IN OUR OFFICE PLEASE GUIDE THE ACCOUNTS ENTRY EITHER EXPENSE OR ASSET
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TREATMENT OF CARPET IN OFFICE
Replies (7)
Whether it is used for business purposes??
NO IT IS NIT USED FOR BUSINESS URPOSE
It's expenses, transfer it to p&l account as indirect expenses
Then depreciation should not be chay
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.
In my opinion record the carpet under the head Furniture and Fixtures and charge Depreciation @ 10%
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