Accounting Head : Assets or Expenses or Prepaid expense.

jagjeet (salaried) (62 Points)

19 May 2023  

1. If any Govt. institute purchased curtains amounting to Rs.2/- Lakhs for various buildings, should it be treated as an asset or expense? If it will be an asset then what will be the head of assets? 

2. If an amount of Rs.70/- Lakhs is spent on the installation of the internet infrastructure, then should it be treated as an asset or expenditure? If Assets then what will be the accounting head?

3. If an amount of Rs.20/- lakhs is spent for obtaining a license to operate lab software, should it be treated as assets or expenses or prepaid expenses?

4. If an amount of Rs.35000/- is paid as AMC charges for one year for the day-to-day updation of the website, troubleshooting, etc. then should it be treated as assets or expenses or prepaid expenses?

Thanks

JAGJEET