Can Books be classified as Fixed Assets in accounts?
Aniruddha Roy (G.M - Accounts & Finance) (52 Points)
20 July 2010Can Books be classified as Fixed Assets in accounts?
CA. Nishant Jain
(Audit Executive)
(411 Points)
Replied 21 July 2010
Dear Aniruddha,
Yes books can be classified as fixed assets in books of accounts. But generally books which carry higher value or in case of Libraries books are clssified as fixed assets. Moreover rate of Depriciation on Books is 100% so all goes to P&L in one way or other.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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