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Fixed assets

Parshwanath Mistry (Dy. Manager - Accounts & Finance) (25 Points)

09 July 2014

Dear Friends / Sirs,

Can we consider Digital Smart class / Smart boards ( Digital Education aid used in colleges / Schools ) as a fixed assets?

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5 Replies

sajid (Auditor) (214 Points)
Replied 09 July 2014

In my opinion, Yes, you can take this Fixed Assets. Depreciation also charged to this.

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 09 July 2014

if such assets are purchased or if such assets are provided on lease and ownership will be transfered after lease period then you can book it as fixed assets.

sajid (Auditor) (214 Points)
Replied 10 July 2014

How you claim Leased Machinery as a Fixed Assets? I can not understand.

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 10 July 2014

sometimes assets are taken on lease... and at the end of lease rentals the ownership of asset is tranfered to lessee. in those cases it can be booked as fixed assets.

sajid (Auditor) (214 Points)
Replied 10 July 2014

So, now you are right. Your question and answer tally now. Till the date of transfer of Title you cannot calimed it is your fixed assets and also depreciation.