Interested to Buy Any Domain ? << Click Here >> for more details...
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.
- 2 Answers
- 6075 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
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 |
Write about the media role in daily life
Do you know marginal cost?
Explain a time when you have not met your goal?
what is the impact of bank garantee of rs 100000 on cash flow statement which has been expired...& impact on bank reconcilation statement
Different types of payments
What is the journal entry for paying 50000 rs. To xyz co. For professional fees after deducting tds on that.
can any one tell me what is the difference between Accounting period & Financial year? Will be waiting for your answer. It's an open source question, any correct answer will be appreciable. Thanks. Regards, Mr. RKO
Can i put opening stock in new company during closing time
IFRS and its applicability in India
What is capital reserve and reserve capital?
Hi Everyone, We purchased the Goods from other state, and I am liable for Entry Tax, my entry Tax is deposited in bank before 15th of every month. Now my questtion is : I purchase the Packing Items from other state but I return the same to suplier should it require entry tax deposit or not for this items. please explain
what r the entries related to manufacturing company stock
Audit 
