How to prepare a fixed asset schedule?

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Solution

The following steps can be followed to prepare a fixed asset schedule:

Allotting of a unique code for each asset.

Allowing depreciation on the fixed asset.

Arriving at the gross profit.

Provide for accumulated depreciation.

Finally arrive at net cost.

Also see:

What Are Current Assets?

What Are Non Current Assets?

Fixed Assets Vs Current Assets

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Similar questions

Q. Prepare Balance Sheet of VT Ltd. as at 31st March 2019, from the following information as per Schedule III, Part I of the Companies Act, 2013:

	₹		₹
General Reserve	3,000	Fixed Assets: Tangible Assets (Cost)	9,000
8% Debentures	3,000	Other Current Liabilities	2,500
Surplus, i.e., Balance in Statement of Profit and Loss (Credit)	1,200	Share Capital	5,000
Depreciation of Fixed Assets	700	Other Current Assets	6,400

From the following information extracted from the books of Howrach Ltd., prepare Balance Sheet of the company as at 31st March, 2019 as per Schedule III of the Companies Act, 2013:

	(₹ in '000)		(₹ in '000)
Long-term Borrowings	1,000	Fixed Assets (Tangible)	1,600
Trade Payable	60	Inventories	40
Share Capital	800	Trade Receivables	160
Reserves and Surplus	180	Cash and Cash Equivalents	240

tangible asset

2011-12 9,00,000

2010-11 8,00,000

adjustment :

depreciation charged on tangible asset during the year amounted to Rs 3,00,000

how to calculate this ?? is there a need to prepare fixed asset a/c ?? if no then how to do this without fxed asset a/c ?

Q. How change in market situations leads to depreciation in a fixed asset?

While preparing a fixed asset Account, if the balancing figure comes on the credit side, the should it be treated as depreciation or sale of fixed asset? Why?

Topic - Calculating cash flow from investing activities.

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