Opening balance of fixed assets in case of company

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Querist : Anonymous

Querist : Anonymous (Querist)

13 September 2014 whether opening balance of fixed assets show in books of accounts in tally as per item wise .

CA VISHWAKEERTHI.P.S.

CA VISHWAKEERTHI.P.S. (Expert)
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13 September 2014 yes ,
fixed assets shall be be in item wise not according to block wise.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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14 September 2014 No. Fixed Assets in Tally are shown Category wise like, Plant and Machinery, Building, Furniture and Fixtures, Computer etc. Itemwise details are maintained in Fixed Asset Register.

Tally does not have option to maintain Itemwise Fixed Asset.

Querist : Anonymous

Querist : Anonymous (Querist)

14 September 2014 sanjay sir
in the case of firm we maintain fixed assets block wise but in case of company we can maintain category wise please explain what is category wise.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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14 September 2014 Block wise and category wise is same thing. But for companies do maintain a Fixed Asset register, itemwise.

You may check the Fixed Asset Register format sample from link given below--

https://www.caclubindia.com/share_files/fixed-asset-register-location-wise-60777.asp#.VBUwYfmSzUs

CA VISHWAKEERTHI.P.S.

CA VISHWAKEERTHI.P.S. (Expert)
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14 September 2014 Please vide below link may be help full to you

IT shows how assets maintained item wise under the main - block wise (also location wise too) in tally.

https://www.youtube.com/watch?v=xVX5kfKYEQE

Smart work always reduce your work burden.

Instead of maintaining FAR in excel preferable to maintain in tally it self.

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