Use the information below to answer questions . (i) Cash at bank (ii) Cash in hand (iii) Premises (iv) Land (v)Creditors (vi)loan from friends/bank. Determi...
Question 1 Report
Use the information below to answer questions .
(i) Cash at bank (ii) Cash in hand (iii) Premises
(iv) Land (v)Creditors (vi)loan from friends/bank.
Determine the fixed assets?
Answer Details
Fixed assets are assets that a company holds for a long-term use and are not intended for resale. Based on the information given, we can identify the fixed assets as follows:
- Premises: Premises are considered fixed assets since they are owned by the company and are used for a long-term period. They are not intended for resale, but instead are used for the company's operations.
- Land: Land is also considered a fixed asset as it is owned by the company and is used for a long-term period. It is not intended for resale, but instead can be used for the company's operations or can be leased or sold for profit in the future.
Therefore, the answer is option (iv) ii and iv.
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