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Urgent advice needed - Classification of utensils under which category of fixed assets for a hotel company and rate of deprecation on same
Whether the utensils will be considered as fixed assets for a hotel company? If yes, they will come under which category of fixed assets and what rate of deprecation will be applied on them as per companies act, 2013.?
Replies (1)
The answer to your qquestion is no. Actually utensils are consumables which cannot be carried forward in the balancesheet. The life of utensils used in a hotel can be taken as not exceeding one year and as such depreciating such items will not be coinsidered suitable according to accounting standards.
Thus 100% write off in statement of profits and loss account in the same year
Thus 100% write off in statement of profits and loss account in the same year
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