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)

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

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