Debit fixed assetdebit interest expenseCredit cash /bank
ASSET
Cash at the bank is an asset for you but a liability for the bank if it is held in a checking or regular savings account.
dr fixed asset cr bank
Yes. Cash in hand and cash in bank are classed as current assets.
Debit fixed assetdebit interest expenseCredit cash /bank
debit fixed assetcredit cash / bank
ASSET
Cash at the bank is an asset for you but a liability for the bank if it is held in a checking or regular savings account.
dr fixed asset cr bank
write up the entries required in revaluation account?
yes
Yes. An Asset is something that has a value and can be sold/converted to cash.
Yes, it is a current asset as part of the cash at bank. It also creates a liability for the amount of the loan.
Yes. Cash in hand and cash in bank are classed as current assets.
debit bank accountcredit cash / bank
Depreciation is not part of cash budget as this is not cash expense rather it is just the allocation of fixed asset cost to specific fiscal year in which that fixed asset is used so there is no cash outflow due to depreciation and that’s why it is not included.