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Asked by Vishal Last Modified
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as per as 10 fixed asset is an asset which is beingh kept in the business for the purpose producing goods or rendering services i e that asset is not being held for the purpose of sale in the normal course of business.
There are lot of examples for fixed asset as land, Building, Plant and machinery , computers, furniture, vehicles etc.
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Fixed Assets are those assets which can be used for more than 1 year and these are subjected to depreciation (decrease in the value of assets) due to change in technology and passage of time. These assets are capital Assets as the amount spent on purchase of these assets are called investment because the use of fixed assets provide us profit .
The examples are: office furniture , Machinery and equipments, building, plants
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Simply put, any asset which will give benefit beyong one financial year is classified as fixed asset. It is a long term asset and provides utility over longer period of time ( more than one year). examples are land, building, machinery, furniture etc. The condition being that these are not stock in trade. For a furniture showroom, the furniture for sale is stock while the desk used by the manager is fixed asset. Also concept of materiality, sometimes, can classify an asset as revenue expenditure. E.g. a trash can bought for Rs.200 may be accounted for as expense rather than as fixed asset.
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First of all, let us understand the meaning of an asset. An asset is something from which one derives the benefit. There are two types of assets. They are Current assets and Fixed assets. Current assets are assets that are expected to be converted into cash within one year. However, Fixed assets are those assets from the which the benefits can be derived from more than 1year. In simple, Fixed assets are those assets which can be used for more than 1 year. Since Fixed assets are held for more than 1 year, it loses its value due to the passage of time / obsolescence etc. It is termed as depreciation. Examples for fixed assets: Buildings, Furniture, Computers etc
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