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What are the various Journal Entries generated through fixed
assets
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Answer / aravind reddy
MASS ADDITION
ASSET CLEARINGF A\C DR
TO SUPPLIER LIABILITY A\C
DETAILED ADDITION
FIXED ASSET A\C DR
TO ASSET CLEARING A\C
DEPRECIATION PROGRAME
DEPRECIATION EXPENCE A\C DR
TO ACCUMILATED DEPRECIATION A\C
WHEN DEPRECIATION HITS THE ASSET
ACCUMILATED DEPRECIATION A\C DR
TO ASSET A\C
CIP ASSET
CIP ASSET A\C DR
TO CIP CLEARING A\C
CAPITALISING CIP ASSET
FIXED ASSET A\C DR
TO CIP COST AC
| Is This Answer Correct ? | 13 Yes | 2 No |
Answer / latha ummalaneni
Oracle Assets - CURRENT PERIOD ADDITION
Dr. Asset Cost
Dr. Depreciation Expense
Cr. Asset Clearing
Cr. Accumulated Depreciaiton
CIP asset. (CIP assets do not depreciate)
Dr. CIP Cost
Cr. CIP Clearing
Oracle Assets - CAPITALIZED IN PERIOD ADDED
Dr. Asset Cost
Dr. Depreciation Expense
Cr. CIP Clearing
Cr. Accumulated Depreciation
| Is This Answer Correct ? | 11 Yes | 3 No |
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