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Sir for example A Company buys Camera and Film equipment and gives these equipment on rent. So how will we treat those cameras and film equipment bought, will treat those purchases as capital purchases or as COGS. & will we record any COGS in this type of company. Assume that the equipment are rented for less than 12 months.
And a last question sir, can this type company has any outflow that can be categorized as COGS. If there is that what outflows or expenses can be categorized as cost of goods sold?
Depends what they do – COGS if they sell cameras as opposed to leasing them out
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