dineshmundada
1

Dear Friends:
Please let us know when company own mobile instrument, may be black-berry or so, wheras the cost of instrument in more than Rs. 5000/-.
As per normal policy says that it should be capitalised but keeping in mind for trace of this and having materiallity items in value compare to the total fixed asset it is not possible to keep trap of all this.
Please suggest and also provide reference to any AS if required
Thanks
Dinesh

From India, Thana
Anurag Jain
34

Dinesh, It should be capatilised and do not charge to P&L A/c. Please refere AS10 on Accounting for Fixed Assets.
From India, Jaipur
Attached Files (Download Requires Membership)
File Type: pdf AS_10.pdf (200.1 KB, 86 views)

dineshmundada
1

Thanks Anurag,
Please find the attached herewith policy which has the references from AS-10, AS-6 and Shcedule XIV of the companies act.
It seems from overall reading that company's management can decide to charge it off & responsibility lies with company's management to substantiate the materialty concept in this regards.
Also i came to know from friends that many companies charged it off to P&L in case of your balance sheet size is large.
Thanks

From India, Thana
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.





Contact Us Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2024 CiteHR ®

All Copyright And Trademarks in Posts Held By Respective Owners.