Regarding account head

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 February 2015 please clarify the accout head for following items
Weighing Machine
Clock
Water Purifier (Capital or Revenue)
CCTV Camera With Installation (Cost 6 Lac)
Air Conditoner (Capital Or Rev)
Ceiling Fan (40 Nos)
all the above items use for Club House it comes under Club HOuse (Captial Account)or different account head please advice

Amol S Joglekar

Amol S Joglekar (Expert)
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25 February 2015 They are CAPITAL items for club house.
You can open the account head in the respective names viz. weighing machine, Clock, Water Purifier and so on so forth

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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25 February 2015 clock can be expensed to profit and loss a/c and rest all items to be capitalised.

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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25 February 2015 Unlike Companies Act 1956, Companies Act 2013 does not specify any monetary limit upto which an Fixed Asset can be charged to P/l A/c.

So all items mentioned above should be capitalized.