How to make fixed asset account under fixed installment method
>> February 14, 2009
Before making of fixed asset account, we must know following journal entries :-
1. for providing depreciation on asset at the end of the year
Depreciation account Debit
Fixed asset account credit
2nd For transferring of depreciation to profit and loss account
Profit and loss account debit
Depreciation account credit
In this method fixed asset account is very simple T shaped. There is not fixed Proforma for making fixed asset account
But can be making according to the condition of question.
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