What are fixtures and fittings in a balance sheet?
Answer Details
Fixtures and fittings are categorized as fixed assets in a balance sheet. Fixed assets are long-term tangible assets that are not expected to be converted into cash within a year. Fixtures are items that are permanently attached to a building, such as light fixtures, plumbing, and heating systems. Fittings, on the other hand, are movable items that are attached to a building or its walls for decorative or practical purposes, such as curtains, shelves, and cabinets. These assets are recorded in the balance sheet at their original cost and are subject to depreciation over their useful life. The value of these assets is important to investors and creditors in assessing the long-term value and financial stability of a company.
