05 February 2015
Sir, I want to Know whether purchase of Jewelry or Ornaments by a Director of a Company from his personal a/c. is Investments or Fixed Assets for the Director in his personal A/c?. What is the treatment of the same?. Pls. reply as it is very urgent.
06 February 2015
If its bought for resale with a motive to earn income, then its a investment. But if its bought for personal use, then its fixed asset.
CAclubindia
