DEFINITION OF FIXED ASSET

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devang doshi (Querist)
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03 June 2010 sir, please solve my problem:

WHAT IS THE DEFINITION OF FIXED ASSET AS PER COMPANIES ACT 1956?

WHETHER IT INCLUDES VEHICAL COMPUTER WHICH IS ACTUALLY NOT FIXED BUT MOVING?

IF NOT, THEN AT WHAT PLACE WE HAVE TO SPECIFY SUCH ASSET IN BALANCE SHEET?

IF YES, THAN WHY THE HEADING OF THE ASSET IS FIXED ASSET ?

Rasesh

Rasesh (Expert)
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05 June 2010 As per schedule VI, vehicles, computers etc have to be included in FA.

Assets that are not included in the FA are the assets which are current assets like stocks, FG, debtors, cash and bank balances.