Pallavi P (Job) (151 Points)
14 March 2022In a Construction Industry, Bamboos which are used for climbing (reusable at different sites) and plywood be considered as Fixed Asset or Material Purchase ? Total Value of all is Rs.1100000 Kindly suggest.
CA Puja Sharma
(Chartered Accountant)
(4969 Points)
Replied 14 March 2022
In my opinion, bamboo should be accounted as consumables with stock because with every use the no. of bamboo and plywood will keep on getting reduced.
sabyasachi mukherjee
(27105 Points)
Replied 14 March 2022
JJJ
(Need help)
(673 Points)
Replied 14 March 2022
If it's 11 lakh of bamboo then your auditor will also likely ask you to capitalise it.
Eswar Reddy S
(CFO- at NHTF)
(58259 Points)
Replied 14 March 2022
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
