Fixed assets
This query is : Resolved
09 April 2012
purchase of toner cartridge should be shown
under fixed assets or show as computer exps in profit & loss a/c.
under fixed assets or show as computer exps in profit & loss a/c.
10 April 2012
It is shown as computer expenses in profit & loss a/c because generally it is used within a year and also considering materiality concept amout less than rs.5000 to be treated as revenue item (emphasis supplied)
10 April 2012
Advisable to show as computer & accessories expenses in Profit & loss ac.
AS 6 on Depreciatio accounting specifically provided that asset below 5,000 should not required capitalisation. Even it would be difficult to maintain Fixed asset register for such small items vis a vis its control when auditor ask for physical verification.
Thanks
Mihir Doshi
AS 6 on Depreciatio accounting specifically provided that asset below 5,000 should not required capitalisation. Even it would be difficult to maintain Fixed asset register for such small items vis a vis its control when auditor ask for physical verification.
Thanks
Mihir Doshi
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