 BANK OF BAKU
AUDITORS REPORT AND FINANCIAL
STATEMENTS AT
31 DECEMBER 1997
Note 11 - Tangible fixed assets
Tangible fixed assets consist of the following:
|
Fixtures and equipment |
169,165 |
|
Accumulated depreciation |
(26,919) |
|
Tangible fixed assets |
142,246 |
The Bank is utilizing certain fixtures and equipment, with
total original cost of approximately AZM 380,000 provided by and paid for by the
Banks majority shareholder, which are not reflected in the balance sheet as
of 31 December 1997. It is the Banks intention to record these assets as
shareholders capital during 1998. To date, the legal documents necessary to
increase the Banks shareholders capital have not been prepared.
|
