Fixed assets classification
This query is : Resolved
Priyanka Goyal
(Querist)
31 July 2015
There is so much confusion in Asset Classification
under 3 categories
Furniture & Fixtures
Plant & Machinery (General)
Office Equipment.
Some says that assets which are used wholly for the purpose of Business should be classified into Plant & Machinery
So, going by that accord, Testing Equipment,
Weight & Measurement should be classified under Plant & Machinery.
But according to the definition given for office equipment , it has been mentioned that which do not require personal attention, like fax, copiers, etc.
and what Air conditioners, FAN & Refridgetors, are they come under Furniture & Fixtures.
under 3 categories
Furniture & Fixtures
Plant & Machinery (General)
Office Equipment.
Some says that assets which are used wholly for the purpose of Business should be classified into Plant & Machinery
So, going by that accord, Testing Equipment,
Weight & Measurement should be classified under Plant & Machinery.
But according to the definition given for office equipment , it has been mentioned that which do not require personal attention, like fax, copiers, etc.
and what Air conditioners, FAN & Refridgetors, are they come under Furniture & Fixtures.
Vishrut Shah
(Expert)
31 July 2015
it will always depends upon the nature of business and usage of assets. than after only you need to consider definition of individual categories. Suppose Camera for Normal trading office may be treated as office equipments and for an architechture or photography firm same shall be plant & Machinery so it will always change.
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