what should the account head be for "refilling of fire extinguisher"?
4 Replies
Joey Tribbiani
(fdg)
(2010 Points)
Replied 29 October 2010
if i m correct, the extinguisher will be not in ur books as capital assets,then make it "office maintenance" and if it is then same treatment will be there (coorect me if i m wrong on capital asset part)
M.N.V.Surendra
(FINANCE AND ACCOUNTS)
(26 Points)
Replied 29 October 2010
Hi,
Fire Extingusher may be treated as capital asset, that refilling of fire extingusher to be considered as Repairs and maintenance for office equipment
VUELVE
(CA- Student)
(351 Points)
Replied 29 October 2010
REFILLING OF FIRE EXTINGUISHERS :
There are two cases for Refilling of Fire Extinguishers :
1. If you are a Company which is into the business of Refilling & Servicing of Fire Extinguishers and Sells Fire Extinguishers.
2. If you are not into the business of Refilling & Servicing of Fire Extinguishers and Supply of the same.
Case 1 :
When you are into the job of Refilling & Servicing of Fire Extinguishers or Supply of Fire Extinguishers then you will have to treat it as Sales Item. You will have to create the head " Refiling of Fire Extinguisher" which will come under Sales.
Case 2 :
When you are not into the business of Refilling & Servicing or Sales of Fire Extinguishers then, the "Refilling & Servicing of Fire Extinguishers" can be taken into "Repairs & Maintenance" head.
Hope this is clear to you.
Ritik Chopra
(student)
(8128 Points)
Replied 11 March 2021
Refiling of Fire extinguisher shall be considered as a revenue expense.
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