Ownership of personal assets of director by the company

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 January 2014 Can anyone tell me whether a private limited company engaged in business of construction own a wrist watch?

CA Hardik Bunha (Expert)
Follow

06 January 2014 yes, definately comapany can buy it.

but depreciation will not be calculate on it.

it will be considered as other current asset.

Querist : Anonymous

Querist : Anonymous (Querist)

11 January 2014 Why current asset Hardik ?
The company has not bought the watch for resale but for wearing apparel for the director.

CA Hardik Bunha (Expert)
Follow

11 January 2014 IT IS NOT FOR RESALE STILL IT IS A CURRENT ASSET BECAUSE BALANCE SHEET OF COMPANY IS PREPARED BY FOLLOWING SCHEDULE VI

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Unanswered Queries

view all classess