Definition
This is defined as the total of the costs of new and second hand fixed assets acquired during the year and alterations, renovations and improvements purchased, cost of own account work less the value of sales of used fixed assets.
Valuation of fixed assets acquired from others was to be at the delivered price plus cost of installation and any necessary fees and taxes. Valuation of fixed assets produced own account had to be valued with imputation for own labour and materials used and an allocation for overhead costs. Value of sales of used assets were to be at actual amounts realised.