Curefit Group Fixed Asset Capitalization Policy

Document Attributes

Policy Document Number CFL/FIN/FA/1.0

Policy Owner Finance Controller
Approved by
1)Curefit Healthcare Pvt Ltd
2)Cultfit Healthcare Pvt Ltd
3)Curefoods Pvt Ltd
Applicability 4)Healthface Pvt Ltd
5)Cultgear Pvt Ltd
6)Fitness First Pvt Ltd
7)Cubefitness Pvt Ltd
Version and Issue Date Version 01.0 18th Oct, 2019
Document Control

Document Change Status

Version Name Date Version Approved By Description

Capitalization V1.0 18th Oct,2019 V 01.0 Policy Issued

Approvals
Internal Controller CFO
Signature: Signature:
Name: Name:

Date: DD MM YYYY Date: DD MM YYYY

 Index

Sl. No. Content

1 Policy Purpose

2 Scope and applicability

3 Fixed Asset Categories

4 Defination

5 Capitalization Values

6 Threshold criterial & limits

7 Cost of Improvements

8 Depreciation & Amortization

9 Impairments

10 Sale & Disposal of assets

11 Transfer of assets

12 Inventorying

13 Fixed Assets Register

14 Insurance

15 Annexures, Templates, SOP’s

)
 Additions (extensions, enlargements or expansions)

2. Improvements and replacements

3. Repairs & Maintenance

Asset Category Useful Life Method
Computers 3 year SLM
Office Equipment 5 years SLM
Furniture 5 years SLM
Vehicles 10 years SLM
Gym
Equipment’s/Kitchen 5 years SLM
Intangibles 10 years SLM
The shorter of the life of the leasehold improvement
Leasehold Improvements or the remaining term of the lease SLM
S.N Flow Responsibility Particulars Amount Amount
Asset Clearing Account ---Dr XXX
Asset Purchased Accountants To, Vendor Account-------CR XXX
1 (Being Asset Purchased)
Vendor Account -----Dr XXX
To, Bank Account------Cr XXX
(Being amount of purchase paid to
2 Payment to vendor Payment Team vendor)
Moving of Asset Clearing Asset Account (P&M, F&F, etc) ----Dr XXX
after Review of Balances Accounting To, Asset Clearing Account XXX
3 in Asset Clearing account Supervisor (Being Assets Capitalized)
*Asset clearing account is a control account and should ideally have zero balance always at period end

S.No Flow Responsibility Particulars Amount Amount

Depreciation Account ---Dr XXX
Accumulated Depreciation Accounted-------CR XXX

1 Depreciation Accounting Supervisor (Being depreciation entry passed)