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Fixed assets
i have a doubt in the fixed assets . in the individual balance sheet, Jewellery and silver hsd been showed as a fixed fixed assetsin the last year. is this correct way to show that as fixed assets, please advice me
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Why it is current asssets ? if not fixed
In the individual Balance Sheet, the jewellery items are considered as assets as they can be used or converted to cash during short duration & used for the purpose of business / profession.
If there are plans to realize the same within short duration, they can be considered as current assets else they are considered as fixed assets.
It depends on the nature of business and intention of the individual on acquiring the jewellery.
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