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What Is The Entry Of fixed Assets & Which Ledger? How Many
Entries Are Posted For 1 Transaction? If We Paurchase Asset
From XYZ Ltd. & Make Payment.
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Answer / kiran
FIXED ASSETS(ANYTHING)A/C DR
TO XYZ A/C
( BEING PURCHASE FIXED ASSETS FROM XYZ)
XYZ A/C DR
TO BANK A/C
(PAYMENT BY BANK)
| Is This Answer Correct ? | 14 Yes | 2 No |
Answer / prasad r. bhosale
The flow of entry is depending on the nature of
asset....Confuse ;) Now we take a Simple example......
*Credit purchase of the chair's for our regional offices
(Qty.500) from Nilkamal Furniture LTD. cost-50,000.00
Flow of entry.....
CWIP A/c Dr. 50,000.00
To Nilkamal Furniture Ltd. 50,000.00
We can’t capitalize this chair’s until it to inset in the
office; So these chair’s will be laying in the warehouse
for the period; we have to creat one account that is
Capital Work In Progress (CWIP)A/C.(we can create one sub
ledger under the CWIP A/c that is Furniture A/C.)
When the chairs will place in the office...Second entry
will be.....
Fixed asset A/c Dr. 50,000.00
To CWIP A/c 50,000.00
Remaing entry is......
Nilkamal Furniture Ltd. Dr. 50,000.00
To Bank A/c 50,000.00
| Is This Answer Correct ? | 4 Yes | 0 No |
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