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what do you mean by fixed asset?
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Answer / jagdish sherla
Fixed asset means Fixed Investment with Assets i.e. Plant &
Machinery, Electrical Installation, Vehicles, Land &
Building etc.
| Is This Answer Correct ? | 22 Yes | 2 No |
Answer / mohd misbah mohiuddin
Irrespective of nature and type of business, there are two
types of Assets. They are fixed assets and Current Assets.
Current assets are those assets which can be easily
converted into cash within a period of generally say one
year. Fixed Assets are those assets which can be touched,
felt and can be seen. The Benefits of fixed assets can be
derived more than one accounting period i.e, the benefit
can be derived for more than 12 months. Examples of Fixed
Assets are Plant & Machinery, Furniture, premises, Vehicles
etc.,
| Is This Answer Correct ? | 18 Yes | 0 No |
Answer / raju.e
fixed assets are assets , which provide long term benfits
to company ,and which are not easyly convrted into cash
| Is This Answer Correct ? | 18 Yes | 1 No |
Answer / satish and ramu (iijt)
These assets are held by the business for more than one
accounting period. fixed assets may be two types.
Tangible assets
intangible assets
| Is This Answer Correct ? | 14 Yes | 2 No |
Answer / b.sathyanarayana
the asset which generate long term revenues more than one
accounting
| Is This Answer Correct ? | 14 Yes | 7 No |
Answer / sathish.narisetty(warangal)
A long-term, tangible asset held for business use and not
expected to be converted to cash in the current or upcoming
fiscal year, such as manufacturing equipment, real estate,
and furniture. also called plant.
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / guest
fixed assets means which company started the business it
establish some of assets like building, furniture,
machinary.
| Is This Answer Correct ? | 6 Yes | 3 No |
Answer / gurumurthy
Fixed asset means The assest which are parmanent in the
nature i.e. plant & Machinery, building etc.
| Is This Answer Correct ? | 6 Yes | 4 No |
Answer / amit
there r two types of assets,fixed and current assets.
current assets are generally use to earn revenue on daily
basis,like a cloth merchandiser uses cloths sale or
purchase per day for earning and a general store owner uese
pulse,rice,salt,etc. also cash ,cheques and bills
receivable r also current assets,,whereas fixed asstes are
use to generate long term revenue.they purchased once in
the business and helps business like
building,machinery,plants etc.they r not used in general
business behaviour.
| Is This Answer Correct ? | 5 Yes | 3 No |
Answer / selvaganesan.n
fixed assets are those which cannot be converted into
cash....fixed assets remains for a considerable period of
time..example of fixed assets are land
&buildings,furniture,machinery etc.....
| Is This Answer Correct ? | 4 Yes | 2 No |
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WHAT IS THIS ACCOUNT
2. You are required to prepare a Profit & Loss Account for the year ending 31st December, 2007 and the Balance Sheet on that date. The Trial Balance of XYZ Ltd. for the year ended 31st December 2007 is as follows:- Trial Balance of XYZ Ltd. as on 31st Dec. 2007 Debit Balances Rs. Credit Balances Rs. Materials used 3,50,000 Sales(including 2% Sales tax) 9,18,000 Cost of Labour 1,50,000 Sale of Scrap 100 Stock, finished and work in process on 31st December, 2006 50,000 Rent received 2,000 Wages : Factory Staff 15,000 Discounts 2,750 Directors Remuneration 50,000 Recovered against fire claim re : Stock 5,000 Salaries : Clerical Staff 75,000 Capital : Equity 25,000 Insurances : Workmen’s Compensation 1,500 Preference- 9% 8,000 General, fire etc. 2,000 Creditors 1,56,000 Directors’ Life Insurance 1,500 Provision for Taxation 1,05,000 Maintenance : Buildings 1,000 Profit & Loss Account 13,750 Plant and Machinery 12,500 Rent and Rates of premises and hire of plant 20,000 Heat, Light and Power 15,000 Experimental and Laboratory Expenses 10,000 Canteen Expenses 5,000 Staff Welfare expenses 2,500 Motor Expenses 12,500 Professional Charges 2,800 Postage and Telephone 3,500 Books, Printing and Stationery 11,000 Sundry expenses 10,000 Carriage and Packing on Sales 3,300 Discounts 5,000 Debtors 1,78,000 Freehold Property 50,000 Plant and Machinery 12,500 Fixtures and Fittings – Offices 3,500 Office machinery and Equipment 3,000 Motor Car and Van 6,500 Stock of materials on 31st Dec. 2007 1,20,000 Bank 38,000 Sales Tax Paid 15,000 12,35,600 12,35,600 Depreciation is to be provided at the following rates: Plant and Machinery 10% Fixture and Fittings 05% Office Machinery, etc. 10% Motor Vans and Cars 25% The stock of finished goods and work in progress as on 31st December, 2007 was Rs. 35,000. Provide for preference dividend and ordinary dividend at 10%. The total taxation liability is estimated at Rs.1,50,000 of which Rs. 75,000 relates to the current year. Debtors include Rs. 10,000 deposited as security against government contracts. The Works Manager is paid partly by salary and partly by a commission; he is entitled to a commission of 5% on the amount by which the surplus in the factory cost exceeds 20% of the sales for the period. Charge the commission if any in the Profit and Loss Account.
When Trial Balance match?
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