What is the treatment of items or parts related to a machinery which is purchase later eg. machinery Oil consumed by machinery. Is it fixed asset or or expense.
1 Replies
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 14 March 2019
it's an expense. all consumables related to machinery such as oil gas etc to be expensed
Recent Topics
- Urgent doubt on GST
- Profit or Loss on Sale of Assets Accounting treatm
- Clarification on RCM on Rent Payment for QRMP Deal
- Reclaimed itc in gstr9
- Gamification in Accounting Software: Boosting Enga
- I want to knw Hsn code and gst rate of resin produ
- Schedule FA clarification
- Income tax on freelance income from crypto
- ITC temporary reversal and reclaim
- Query on Transactions
Related Threads
CAclubindia
