Fixed assets classified to evaluate the depreciation

Question

As per schedule XIV of Companies Act, 1956 how are the fixed assets classified to evaluate the depreciation?

Answer 1

Evaluate depreciation as per Schedule XIV of Companies Act, 1956 the fixed assets are classified are illustrated below:

i) Administration buildings and Buildings-Factory Buildings
ii) Machinery and Plant
iii) Vehicles
iv) Furniture
v) Computer Installations