What point should be kept in mind

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Daya

Daya (Querist)
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26 June 2022 what point should be kept in mind while maintaining FAR ( Fixed Assets Register)

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 June 2022 Assets:
1 Opening balance.
2 Additions.
3 Disposal.
4 Closing balance.

Depreciation:
1 Opening balance.
2 Additions/Disposal
3 Closing balance.

Assets classification:
1 Land
2 Building.
3 Plant and machinery.
4 Furniture and fittings.
5 Intangible assets.

Life of fixed assets and residual value of 5%.