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debit fixed asset
credit retained earnings
Wiki User
∙ 9y ago
When fixed assets are received as a gift, the journal entry would typically be:
Debit - Fixed Asset (at fair value) Credit - Donation Revenue (at fair value)
This recognizes the receipt of the fixed asset at its fair value and records the donation revenue for the fair value of the gift.
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What is journal entry if fixed assets lost by theft?
debit loss of assetcredit fixed asset
What is journal entry to sell assets?
Debit accumulated depreciationdebit cash / bankCredit fixed asset
How to put fixed assets entry in tally?
journal entryFixed assets a/c ...dr ..... 100000To Cash / Bank a/c .... cr. 100000
What is the journal entry for booking a car purchase?
Credit Bank or Accounts Payable, Debit Fixed Assets.
What is the Journal entry move land out of current assets?
Land is not a current asset and if recorded as current asset then no entry required to re-classify as fixed asset.
What is the General journal entry to write off obsolete assets?
debit accumulated depreciationdebit loss on assetcredit fixed asset account
What is the journal entry for lost of fixed assets?
debit loss of assetcredit fixed asset account
What is the journal entry for lost fixed assets?
Debit Accumulated Depreciation Credit Fixed Asset If there the asset has a net book value, then you will have to Debit or Credit Gain or Loss on Sale of Asset for the difference. Also, you may have received money if the asset was sold or there may be a loan to payoff. Those transactions will need to be included in your entry as well.
What is the journal entry for donating fixed asset?
debit donationcredit fixed asset
What is the journal entries for purchasing fixed assets in own company?
Debit Cash / bank / retained earnings/ drawingscredit fixed assets
What is the journal entry for street line method?
Debit depreciationCredit fixed asset
What is the journal entry for depreciation expense?
Debit depreciation expenseCredit fixed asset
