i want to know that whether ceilling fan capitalised ?? my client booked it as fixed assets ??
i think it should not be capitalised
plz clear my doubt
CA Devanand Jethanandani
(CA)
(8003 Points)
Replied 06 February 2014
Hi Chandni,
Ceiling Fan should be capitalized.
An asset should be capitalized if it is not held for resale but for the production, supply, rental or administrative purposes and it is expected to be used for more than one accounting period.
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