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Whether watch comes under fixed asset in private limited company
hi all, this is prasad. one of my client purchased a Rolex watch worth of 7L in his private limited company name. can we show that watch under fixed assets in company books??
Replies (7)
It's personal asset of your client. Company has no use of this clock even it's too expensive. So u can't show it or even claim it as expense.
thank you mam. It is a medical base company, he is saying that ill use the watch in my lab for checking temperature and saying me to include it. any how tq so much ill discuss same with my auditor.
If he is forcing u do it. Auditor will disallow it. But u try your best to convince him it's wrong and disallowed. Even u go and check whether it's really for such purpose so in future for answering to auditor u can make reply.
fine thank you
Think that you can't
nice and informative blog.
The key characteristics of a fixed asset are listed below:
- 1. They have a useful life of more than one year
- 2. They can be depreciated
- 3. They are used in business operations and provide a long-term financial benefit
- 4. They are illiquid
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