Fixed Assets Schedule
Due to the urgently wanted by auditors from AK Pang audit
firm, I was distributed the task of doing fixed assets schedule that was going to
due on 13th February. It was so stress for me owning to its urgency.
My supervisor, Pooi Yoke was the one guided and taught me in doing fixed assets
listing.
The first step I would need to do was differentiating each
type of assets into factory equipment, factory renovation, factory furniture &
fitting, lab equipment, office equipment of factory, HQ furniture &
fitting, HQ equipment, motor vehicles, website development, retail equipment, retail
furniture & fitting, retail signboard, retail bird’s nest aquarium and
retail renovation according to the invoices in 2014.
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| Fixed Assets classified into Headquarter. |
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| Fixed Assets classified into factory. |
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| Fixed Assets classified into outlets. |
I was too fresh to the company and I took a long time to
find the invoice regarding the purchase of fixed assets from the thick file of
invoices in 2014. After I found all the invoices, I arranged and classified it into
different categories of fixed assets.
The next step would be keyed in the fixed asset into the Microsoft
Excel with the template given according to the dates of purchased. The hardest
part came when I needed to calculate the depreciation of the existing assets and the new assets that just keyed in to find the accumulated depreciation. The last part was calculating the
net book value of the fixed assets and brought forward to the year 2015.
Pooi yoke guided and checked my works throughout the working of fixed asset schedule. She was so willing to teach every time when I faced the difficulties. Owning to her friendliness, I asked thousands of questions and I had done my work before the deadline. My supervisor even praised me for the work I did.
Conclusion
The fixed assets schedule really contributed a lot for my
learning process. I learned the ways to classified fixed assets into different
types of assets and calculate the net book value of the assets. The importance of fixed
asset schedule is able to help the company to understand and know the
type and total value of fixed assets they are having. It is influential when
the firm is trying to get the mortgage loans. Besides, depreciation of each
type of assets and the lifespan for the assets are clearly stated that enhance the
decision making in expanding the size of company.
In the near future, when I do the fixed asset listing, I will
design a professional excel template with all the formula inside that enable auto
calculation of net book value and depreciation. By having these features, we only
require to key in the date of acquisition, cost and some particulars. Hence, the
total fixed assets schedule can be done faster, easier and correct.
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