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Fixed Asset Entries

Fixed assets are also known as tangible assets such as plant & machinery, office equipments, land, buildings, furniture and vehicles etc. Fixed assets are purchased for long term business purpose.

 

 

Fixed Asset Purchase Entry

 

Computers A/c Dr – 1,00,000

 

CGST A/c – 9,000

 

SGST A/c – 9,000

 

To Vendor A/c – 1,18,000

 

 

Fixed Asset Purchased with Cash

 

Office Furniture A/c Dr – 15,000

 

To Vendor A/c – 15000

 

 

 

Depreciation Entry

 

Depreciation A/c Dr – 31,670

 

To Accumulated Depreciation on Computers A/c – 31,670

 

 

 

Profit on Sale of Asset

 

HDFC Bank A/c Dr – 70,000

 

Accumulated Depreciation on Computers A/c Dr – 31,670

 

To Computers A/c – 1,00,000

 

To Gain on Sale of Asset A/c – 1,670

 

 

 

Loss on Sale of Asset

 

HDFC Bank A/c Dr – 67,000

 

Accumulated Depreciation on Computers A/c Dr – 31,670

 

Loss on Sale of Asset A/c Dr – 1,330

 

To Computers A/c – 1,00,000

 

 

 

Related Topics

 

Bank Reconciliation 

 

Prepaid Expenses

 

What is Bookkeeping?

 

 

 

Related Pages

  • Payroll Journal Entries
  • Accrued Expenses
  • Prepaid Income
  • Accounting Basics
  • Debits and Credits
  • Chart of Accounts
  • Bookkeeping
  • Petty Cash
  • Bank Reconciliation
  • Accounts Payable Process
  • Accounts Receivable Process
  • Prepaid Expenses
  • Discount Allowed and Discount Received
  • Journal Entries
  • Adjusting Entries
  • Depreciation
  • Current Liabilities and Current Assets
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