Dress in security services
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 January 2017
Dear Experts,
We are running security services. For our security guards's dress we have incurred following expenses..1) purchase the cloth....2) paid stiching expenses. However if any security guards leave the job from here he have to return the dress to us... pls clarify in this scenario weather cloth purchased and stiching charges is to be booked as revenue expenses or this dress shall be our assets?
Pls clarify....
Regards
Amit Gupta
We are running security services. For our security guards's dress we have incurred following expenses..1) purchase the cloth....2) paid stiching expenses. However if any security guards leave the job from here he have to return the dress to us... pls clarify in this scenario weather cloth purchased and stiching charges is to be booked as revenue expenses or this dress shall be our assets?
Pls clarify....
Regards
Amit Gupta
12 January 2017
Purchase of cloth to the extent of utilisation is revenue expenditure and Stitching charges also to the extent of dresses issued. It does not matter if dresses are returned. If total amount of expenditure is not a material amount it is suggested to book entire amount as expenditure.
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