18 June 2017
Sir/ madam, how to prepare a fixed asset register of a college ? Whether to show item wise details or to show total additions at the end ? Give an example...
18 June 2017
Fixed Asset register to be maintained with itemise with The fixed assets register should have the following details such as what the assets identification number (labeling of assets – assets are labeled or tagged so that they can be easily identified), description of the asset, where it is located and used by(the custody of the staff the asset is in), purchase price and date, class of asset, useful life of the asset and method, accumulated depreciation and expect value at the end of its useful life. They have useful life of over 12 months, hence are carried forward to the next accounting period. They are open to misuse, abuse, theft and fraud. They need to be retained in good working condition. They need replacement after wear and tear.
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