Can Books be classified as Fixed Assets in accounts?
1 Replies
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.
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