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Fixed Assets Manual.

sajiri shah (CA Final) (112 Points)

25 April 2008

hi,

I have been assigned a project of preparing a Fixed assets manual of a manufacturing co. I have to submit it on the 30th. Please guide me regarding the same.

Thnx..

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5 Replies

Pooja Chopda (Practising Chartered Accountant) (931 Points)
Replied 25 April 2008

Do u mean Fixed asset register?

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Nagaraju Pogula (Partner) (175 Points)
Replied 25 April 2008

Required bullet points for preparation of Fixed asset manual

Whether budgeted or not if budget what is the cost

Find and Negotiations with vendors to finalize the supplier

Raising PO with specifications to the finalized the supplier

Receiving Goods at factory or Office

Delivery Challan

Recording in Inward Register

Receiving Invoice

Confirm the Installation date with respective dept

Capitalize the asset in books with above said date

Rate of Depreciation

Method of accounting(WDV or SLM) (Take the mgt decision for this)

Maintaining Asset register with all possible details

Numbering the asset with permanent tag

required fields for Fixed asset regster are;

Sl. No

Aseet identification No.

Asset Class

Descrption of the Asset

Qty

MACHINE SER NO

TFT/CRT SERIAL NO

TFT SERIAL NO

Location

Supplier's Name

Status

Inv. No.

Date

Tr. Curr

Curr

Exch. Rate

INR

Installation charges (INR)

Total Cost

Remarks

Cap Date

Days FY

Rate of Depn

Depn FY

WDV as on EOY

Adjustment

Adjusted WDV as on EOY

Net Asset Value

Sale value

Acc Depn

Loss / (Profit) on sale

sajiri shah (CA Final) (112 Points)
Replied 26 April 2008

hey, thnx for your reply... Is there any standard fixed asset manual which i can refer to as i have limited time??

Mallikarjun (Accountant) (23 Points)
Replied 17 December 2008

Kindly mail me Accouting manuals/Process as per indian Statutory requirement.

Thanks

Arjun

AmitB (administration) (22 Points)
Replied 29 June 2009

I want to ask how do we provide for deprication every year in the fixed aset register, the whole lot has to be copied down every year and depriciation provided.