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What are the Journal entries for a sale of subsidiary?
There are several important journal entries for the sale of a subsidiary. These include: Fixed assets, current assets, current liability, deferred tax liability, and goodwill.
What is the journal entries for purchasing fixed assets in own company?
Debit Cash / bank / retained earnings/ drawingscredit fixed assets
What types of assets require adjusting entries to record depreciation?
Adjusting entries to record depreciation are typically required for tangible fixed assets, such as buildings, machinery, vehicles, and equipment. These assets are subject to wear and tear over time, necessitating a systematic allocation of their cost over their useful lives. Additionally, intangible assets like patents and copyrights may also require amortization adjustments, which function similarly to depreciation.
What is the normal balance for investments?
The normal balance for investments is a debit balance. This means that when investments are recorded on a company's balance sheet, they typically increase with debit entries and decrease with credit entries. In accounting, debits represent assets, and investments are considered long-term assets on the balance sheet.
What Accounts should always have a zero balance after all closing entries are completed?
Assets, liabilities and owner's equity
What is client journal entries?
Client journal entries are records of financial transactions maintained by a client, such as an individual or a company, in their own accounting records. These entries reflect the debits and credits related to the business activities of the client. Client journal entries are used to track income, expenses, assets, and liabilities for financial reporting and analysis purposes.
Are intangible assets included in current assets?
Intangible Assets are not included in current assets. They are usually listed under Other Assets.
How do you pass journal entries for partner's admission?
[Debit] Cash / bank / goods / assets [Credit] Partner's capital account
What does Assets Under Custody mean?
AUC is the value of assets held under custody by a "custodian of securities".
What is the accounting treatment of overdepreciated assets?
You need to reverse the entries for excess depreciation - Debit Accumulated Dereciation and Credit Depreciation Expense
Are fixed assets a liability?
Fixed assets are not liabilities, they are assets that can not be quickly liquidated (turned into cash). If the company goes under, fixed assets would be difficult assets to get cash for.
Where is foreign currency translations reported?
These are reported in the company's balance sheet, and are listed under "ASSETS -> Non-Current Assets -> Intangible Assets".
