a compnay purchase 114 chair @ 500 per chairs total Rs.57000 /-
company Capitalization Limit 10000/-
How we treat these as a Fixed Assets or Expense in company account
kindly suggest
4 Replies
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 03 April 2018
TREAT AS FIXED ASSETS
AND UNDER FURNITURE & FIXTURES
Chandan Kumar Malviya
(B.Com)
(23 Points)
Replied 03 April 2018
but per chair Rs.500 so how we can any specific law present
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 03 April 2018
Furniture includes :
Examples of FF&E include desks, chairs, computers, electronic equipment, tables, bookcases, and partitions.
satish
(teaching)
(2046 Points)
Replied 03 April 2018
AS PER ACCOUNTING STANDARD 10, IF FURNITURE SATISFIES THE DEFINITION OF PROPERTY, PLANT AND EQUIPMENT, THEN FURNITURE CAN BE CONSIDERED AS FIXED ASSET.
BETTER TO REFER AS 10.
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