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What is the Journal entry to purchase of an asset?
debit assetscredit cash / bank
What is the journal entry for purchase of an asset?
[Debit] Asset Account xxxx [Credit] Cash / bank account xxxx
Journal entry of credit purchase of asset?
Debit assetsCredit accounts payable
What is the difference between purchase voucher and journal voucher?
if we purchase assets on credit then we will pass its entry in journal voucher n if we buy anything other then asset related to our business then we will go for purchase voucher..........
3 situations in which a cash payment would not involve recognition of an expense?
Purchase of a fixed asset. Payment of a liability, loan or other debt. Payment of a dividend.
What is the Journal entry to purchase of an asset?
debit assetscredit cash / bank
What is the journal entry for purchase of an asset?
[Debit] Asset Account xxxx [Credit] Cash / bank account xxxx
Journal entry of credit purchase of asset?
Debit assetsCredit accounts payable
What is the difference between purchase voucher and journal voucher?
if we purchase assets on credit then we will pass its entry in journal voucher n if we buy anything other then asset related to our business then we will go for purchase voucher..........
Journal entry for new car purchase?
[Debit] Car Asset [Credit] Cash / bank
3 situations in which a cash payment would not involve recognition of an expense?
Purchase of a fixed asset. Payment of a liability, loan or other debt. Payment of a dividend.
Journal entry for the interest on a fixed asset purchase?
Debit fixed assetdebit interest expenseCredit cash /bank
Journal entry for salary advance paid?
When an employee receives an advance on pay an asset account called employee advances is debited and the cash paid out is credited. When the advance is repaid then the applicable expense accounts are debited and the advance account is credited.
Does insurance go under assets or liabilities?
If insurance paid in advance then it is asset but if insurance benefit taken and payment not made then it is liability.
What is journal entries when owner withdraw asset on sales price?
general journal
What are the journal entry for asset revaluation?
debit asset and credit asset revaluation
What is the diff btw hire purchase and deffered payment?
Hire purchase involves a buyer acquiring an asset by paying an initial deposit and then making regular installment payments over a specified period until the total purchase price is paid. Ownership of the asset is transferred to the buyer once the final payment is made. Deferred payment, on the other hand, allows a buyer to take possession of an asset immediately but delay full payment until a later date, often with added interest or fees. The buyer does not own the asset until the full payment is made in deferred payment schemes.
