Fixed assets
Querist : Anonymous
Can the same be treated as a fixed asset and depreciation can be claimed???
The asset can be capitalised in books of company and depreciation can be claimed.
The amounts recovered from employees can be shown as advances.
Querist : Anonymous
But is this as per the accounting standard??
Let us say a company purchases a car in its name. It can have a policy in which employees are allowed to use company's car for official purposes.
After four years the same would be transfered against the advances received from the employee
Querist : Anonymous
but are we not recovering the cost on one side and clamining depreciation on other hand....
advances received from employee as advances.
whenever transfer the asset show as sale transfer of assets. and accordingly capital gain is applicable.
and claim depreciation for the year till employee is under employment.
Querist : Anonymous
Actually in this case there is a flexi component in the salary which gets reduced by the amount the asset is procured for fixed period of time...
Then too we can show it as an asset??
Querist : Anonymous
Then too we can show it as an asset?
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