04 August 2008
hi friends,i am gopal, please help me my querry is:- 340 books of Rs.9,65,649 purchase for library is debited to Library exp (as a revenue exp) but i think that this is wrong account head. What "Books & Periodicals" is correct account head or any other. please reply as soon as. Thanks (in advance) my e-mail id- gopalj7@gmail.com
04 August 2008
If the Books purchased by trust or society for Library, in which the main purpose of the company is not profit making and NGO like, then it should be treated as Books & Periodicals otherwise it should be treated as revenue exp and it is totally depends upon the company's nature and the % of portion on total expense.
04 August 2008
nature of organisation is a society and it runs schools and purchase above books for library of thats school.What is the rate of depreciation?
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