INDAS16- Warehouse Leasing

This query is : Resolved

Raj Dutta (Querist)
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01 April 2020 Dear Experts

Company A has appointed a C&F Agent , who is providing the services from a warehouse owned by him/Lease from some one else.

Lets say the company pays Rs X as per month fixed charges that included use of the warehouse as well.
the company decides how the warehouse will be maintained , temperature etc among others .

In such a cases is there an identified asset . Do the company has a control over the use of the ware house .

Many Thanks in advance

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
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08 May 2020 There can not be any form of assets in the books of accounts for the company. C&F have to meet the periodical sales targets or other requirements as per agreements and how warehouse is being used is mostly in control of C&F only subject to any specific requirements which may vary from case to case basis and based on industry. Expenses are being reimbursed by the company and C&F gets target incentives and other incentives as agreed.

Hope it helps. I would also request seniors to add more on this.

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
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14 June 2020 There can not be any form of assets in the books of accounts for the company. C&F have to meet the periodical sales targets or other requirements as per agreements and how warehouse is being used is mostly in control of C&F only subject to any specific requirements which may vary from case to case basis and based on industry. Expenses are being reimbursed by the company and C&F gets target incentives and other incentives as agreed.

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