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dr fixed asset
cr bank
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∙ 12y ago
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Is the fixed asset register a part of the double entry system?
A double entry bookkeeping system shows the multiple effects of a single transaction. Since the fixed asset register entails all details about purchase, sale, and depreciation effects of a fixed asset. It is therefore a part of double entry system.
What are the double entries to record an unrealized gain on a fixed asset?
no entry needed
Journal entry for the interest on a fixed asset purchase?
Debit fixed assetdebit interest expenseCredit cash /bank
What is the journal entry for donating fixed asset?
debit donationcredit fixed asset
What is journal entry if fixed assets lost by theft?
debit loss of assetcredit fixed asset
Is the fixed asset register a part of the double entry system?
A double entry bookkeeping system shows the multiple effects of a single transaction. Since the fixed asset register entails all details about purchase, sale, and depreciation effects of a fixed asset. It is therefore a part of double entry system.
What are the double entries to record an unrealized gain on a fixed asset?
no entry needed
Journal entry for the interest on a fixed asset purchase?
Debit fixed assetdebit interest expenseCredit cash /bank
What is the journal entry for donating fixed asset?
debit donationcredit fixed asset
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 journal entry for lost of fixed assets?
debit loss of assetcredit fixed asset account
What is journal entry if fixed assets lost by theft?
debit loss of assetcredit fixed asset
What is entry for depreciation?
[Debit] Depreciation expense[credit] fixed asset.
How do you treat a purchase of a new component of a fixed asset?
As per IAS 16: If purchase of component of fixed asset is major part of original asset or purchase of component increase the effectiveness or live of asset then it is treated as a part of original price and treated as asset. If purchase of component is routine purchase for small repair etc then it is treated as revenue expense.
What is the journal entry to write off an asset was damage or lost?
debit loss of assetscredit fixed asset account
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
