Friends
I would like to know if You all maintain Fixed Asset Register in Your Company or Your Client where You audit.
If so, in printed format or soft version.
Is there any law which provides for the contents of FA Register.
For your ready information, the statutory auditor has to report "The Company has maintained proper records showing full particulars , including quantitative details and situation of fixed assets."
Regards,
There is no particular format in which the Fixed Asset register is to be maintained. It can be aintained in Soft or Hard copy. But the following details should be given :-
1) Particulars of Asset Purchased
2) Date of Purchase
3) Cost of Purchase
4) Name of Vendor from whom Fixed Asset is purchased
5) Bill Number, if any
6) Rate of Depreciation Charged
7) WDV after charging Depreciation
8) Details of Sale of any existing Fixed Asset ie. Sale Amount etc.
Regards,
Devendra Kulkarni
@ devendra that's great piece of information
@ dipjyoti nice question keep it up
CAclubindia
