HI Frends,
Our Co. purchased two Fire Proximity suit(used for fighting with fire) of Rs. 70000 each. Should we capitalise it or charged to revenue?
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Capitalised or revenue
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Dear Frnd
It's a Capital expenditure that will generate benefit for many yaers in future.
In other words any expenses inccured for INR 5000 or more and that will generate benefit in two or more year will be capitalized in the year in which expenses inccured.
Under Which Class as per New Co. Act 2013 it should be capitalised?
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