Fixed Assets
This query is : Resolved
kavita Rathi
(Querist)
17 June 2009
Respected Sir/Madam,
My Query is as follows
There was fire in my office premises.
In That we lost PC Screen and some part of furniture.
Now we have done some furniture work so that we can continue with the work.
Furniture work is just for replacment of damages.
I Want to know is there any Guidence note for the accounting treatment of the above
or How it should be treated in accounts is it to be capitalised or Repair.
My Query is as follows
There was fire in my office premises.
In That we lost PC Screen and some part of furniture.
Now we have done some furniture work so that we can continue with the work.
Furniture work is just for replacment of damages.
I Want to know is there any Guidence note for the accounting treatment of the above
or How it should be treated in accounts is it to be capitalised or Repair.
Manmohan ACA, CS
(Expert)
17 June 2009
So far it confers replacement and does not increase the value or utility of the the furniture, it is revenue
17 June 2009
its a revenue expediture
kavita Rathi
(Querist)
18 June 2009
Thank you.
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