I have a client, which having bussines of Educational institution. and they purchasing some lab equipments for lab.
can we treat those items as asset?
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Lab Equipments are considered as Assets or expenses
Replies (5)
Lab equipments will be classified as Fixed assets in balance sheet.
Thanks for the clarification...
If lab equipments given benefit for period more than a year. It should be classified. This is as per accounting standard on assets.
Is Lab Equipments Comes under which head like Equipment & tools or if any. please
Like below heads
| Furnitures & Fixtures |
| Computer Equipments |
| Intangible Assets |
| Leasehold improvements |
| Plant & Machineries |
| Vehicles |
you can create "Lab Equipement" for better understanding, classification & identification.
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