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If expenses incurred regarding fixed Assets on or above Rs. 5000

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(Querist)
13 February 2022 If expenses Incurred regarding Fixed assets on above Rs. 5000.(rs. Five thousand ) always should be capitalized, even incurred for repairs and maintenance Regarding, Any Fixed Assets.
or if any criteria then please reply also.
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Dhirajlal Rambhia online

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Dhirajlal Rambhia online (Expert)
13 February 2022 The capitalization is for new purchase, but not for repairs of existing asset.
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Daya

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Daya (Querist)
13 February 2022 If expenses incurred regarding existing Fixed assets and assets useful life more than 1 Years ,
what should to do.
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Dhirajlal Rambhia online

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Dhirajlal Rambhia online (Expert)
13 February 2022 If its for repairs of the existing asset for maintaining it to original shape/condition, account it under 'Repairs & maintenance'

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