Answer / veerabrahmam

Asset class main criterion classifying fixed assets
according to legal requiremnt and management requirement.

For each asset class, control parameters and default values
can be defined for depreciation calculation and other
master data.

Each asset master record must be assigned to one asset
class.

Answer / rajendran

Asset classes are the most important criteria in structuring
the fixed assets, every asset in the company has to be
assigned to exactly one asset class which all should have
similar depreciation terms. many asset classes can be
assigned to one GL account. it controls the number range of
the asset account number, screen layout and account
determination. this asset classes are mainly for reporting
purposes.

Answer / kishore

Asset Class classifies the assets like plant and
machinery,computers,vechicles etc and it controls the screen
layout and number ranges.

U have made a Transaction Worth Rs.1,00,000..Then We made a down Payment worth Rs.50,000..Then the FY came to an end. When we are calculating TAX for the FY,on which amount we will calculate TAX,do we calculate TAX for this transaction ? .Then NEXT YEAR do we again calculate for Rs.1,00,000.or the remaining Rs.50,000.

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