Does gold ornament is depreciable

Ks (Ac) (138 Points)

13 June 2022

does gold ornament are depreciable because of wear and tear uses ??

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9 Replies

prasad Nilugal ( GST Practitioner & Accounts ) (14606 Points)
Replied 13 June 2022

Are they Assets of the Business ?.

Ks (Ac) (138 Points)
Replied 13 June 2022

yes

1 Like

CA Rashmi Gandhi (Chartered Accountant) (86308 Points)
Replied 13 June 2022

Not at all.......

Atharv Sankliya (1354 Points)
Replied 13 June 2022

Why ?? can you please explain ?

CA Rashmi Gandhi (Chartered Accountant) (86308 Points)
Replied 13 June 2022

Gold value increases there is no wear & tear after fixed period.

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sabyasachi mukherjee (27278 Points)
Replied 14 June 2022

Gold is one of the precious metals and is traded at bourses. It's value appreciates.

Atharv Sankliya (1354 Points)
Replied 14 June 2022

And it also has unlimited life
am I correct ??

CA Rashmi Gandhi (Chartered Accountant) (86308 Points)
Replied 14 June 2022

Yes you are.....

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sabyasachi mukherjee (27278 Points)
Replied 15 June 2022

For the same reason it's ever normally existent.

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