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?
5 Replies
CA Sunil Kumar
(Chartered Accountant)
(4524 Points)
Replied 16 July 2018
Lab equipments will be classified as Fixed assets in balance sheet.
Pawan Sehrawat
(Partner)
(91 Points)
Replied 16 July 2018
If lab equipments given benefit for period more than a year. It should be classified. This is as per accounting standard on assets.
Chiranjeevi Dasi
(2 Points)
Replied 26 October 2023
Is Lab Equipments Comes under which head like Equipment & tools or if any. please
SUSHANT
(student)
(29 Points)
Replied 21 October 2024
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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