Fixed assets classification
This query is : Resolved
31 July 2015
There is so much confusion in Asset Classification
under 3 categories
Furniture & Fixtures
Plant & Machinery (General)
Office Equipment.
Some says that assets which are used wholly for the purpose of Business should be classified into Plant & Machinery
So, going by that accord, Testing Equipment,
Weight & Measurement should be classified under Plant & Machinery.
But according to the definition given for office equipment , it has been mentioned that which do not require personal attention, like fax, copiers, etc.
and what Air conditioners, FAN & Refridgetors, are they come under Furniture & Fixtures.
under 3 categories
Furniture & Fixtures
Plant & Machinery (General)
Office Equipment.
Some says that assets which are used wholly for the purpose of Business should be classified into Plant & Machinery
So, going by that accord, Testing Equipment,
Weight & Measurement should be classified under Plant & Machinery.
But according to the definition given for office equipment , it has been mentioned that which do not require personal attention, like fax, copiers, etc.
and what Air conditioners, FAN & Refridgetors, are they come under Furniture & Fixtures.
31 July 2015
it will always depends upon the nature of business and usage of assets. than after only you need to consider definition of individual categories. Suppose Camera for Normal trading office may be treated as office equipments and for an architechture or photography firm same shall be plant & Machinery so it will always change.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
