MGT401 Assignment Solution 2022
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Fixed Asset
Fixed assets are the long term tangible assets that cannot be converted into cash easily. Fixed assets are used for the production of net income. Fixed Assets are also known as non-current assets.
Example of fixed assets is building, property, plant & equipment (PP&E), furniture etc.
Intangible assets such as patent, copy rights etc are generally not categories as fixed assets but referred to as fixed intangible assets.
Procedure for preparing Asset and Depreciation Schedule
Step 1: Add the old Plant & Equipment with the new purchased
Step 2: Calculate the depreciation on Plant and Equipment using SLM
Old P&E:
New P&E:
Step 3: Calculate the Accumulated Depreciation
Accumulated Depreciation = sum of depreciations on an asset till date.
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