Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

entry of screw purchased

24 June 2019

what will be the entry of the screw purchased for the fitting of the factory shed and what will be the entry of it and under which head this expense will go
capital expense or indirect expense?
or the value of shared and screw purchase will be added and then shown as a total amount of the shed purchased

Reply
Follow
Share

5 Replies

Kumar Sushank (General Manager - Finance) (1040 Points)
Replied 24 June 2019

This expenses will booked as "Fixtures & Fittings Expense" under Indirect Expenses.

Upgrade to CAclubindia Pro. Subscribe Now!

Monica Raghani (46 Points)
Replied 24 June 2019

what will be the entry of shed purchased

Kumar Sushank (General Manager - Finance) (1040 Points)
Replied 24 June 2019

It is depend on cost of shed, If you want to booked as expense then entry will be: Fixture & Fitting (Indirect Expenses) ...........Dr. ABC (Creditors)................................................Cr. Then: ABC (Creditors) ..................Dr. Bank.............................................Cr.

(Guest)

"...screw purchased for the fitting of the factory shed..."

This is cost of installation. Part of Factory shed fixed asset.

Bernyshepperds (Art) (22 Points)
Replied 30 August 2022

I am in a similar situation now, and I think I will indicate the screws we ordered for factory renovation in this common share. Since the bolts and screws were used for this, they can be considered a part of this purchase. I hope I will not get my company in trouble by filling this declaration incorrectly. I have never worked in a company this big, and there are just too many entries to indicate in the papers. Should I indicate to the website (scrooz.com.au) we ordered the screws? It seems to be a part of information about the service provider.