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What are the various Journal Entries generated through fixed
assets

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What are the various Journal Entries generated through fixed assets..

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

What are the various Journal Entries generated through fixed assets..

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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