Fixed Asset

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 July 2011 GPS System Insatalled in Truck So whether it is Capitalized in Truck or should be Stand as an Independent in the Name of GPS System A/c Ples reply fast.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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21 July 2011 GPS system is installed and can be separated from Truck. It can be installed in another truck or the truck can be used for another purpose if the GPS is uninstalled from it.
It has got different identity from the truck.
It should be separately shown from the truck looking to the nature of asset and falling in different block of asset.

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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21 July 2011 GPS shall be considered as a different block of assets. Because, it can be un-installed from the truck and installed in some different truck or say any other vehicle. So it should not be clubbed in truck.

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