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The jouranl entry of purchage of fixed assets are assents
a/c dr. to cash/bank account why we not make journal entry
for this is purchage a/c dr. to cash/bank .
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Answer Posted / vijayender
First of all, the nature of two accounts is different.
Fixed asset a/c is a real account whereas Purchase a/c is a
nominal account.
Purchases represent expenses and expenses provide benefit
only in the period in which they are incurred whereas Fixed
assets are the things of possession which provide benefit
for a long period of time. So, the nature of two accounts
is completely different.
| Is This Answer Correct ? | 16 Yes | 1 No |
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