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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 December 2010 sir, crockery purchased is given at the payments side of (receipts and payments a/c), so plz tell me weather it come on expenditure side of (income and expenditure) or not and plz give reason also plzzzzzz sir

Mohan Verma

Mohan Verma (Expert)
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12 December 2010 IT may be a consumale goods or it may be traeted as an assets, depend upon the amount of purchase.

If it has lower value it is treated as consumale goods, and it come on expenditure side of (income and expenditure

Otherwise treated as an assets

CA Abhishek Goel

CA Abhishek Goel (Expert)
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12 December 2010 Assuming this is a lower amount this should be treated as revenue item rather than capital nature,
than it has to be shown in receipt & payment as this is paid by the concern and it is to be shown in income & expenditure as this is a expenditure for concern and every expenditure have to be shown in income & expenditure account.

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