Accounts

Debit the asset & credit the party (vendor) name.

Useful life needs to be considered at the time of claiming depriciation

Depriciation entry - "Depriciation"- debit & Fixed assets - credit

u can book it by the purchase date.

At The time of purchase:

asset a/c DR

    To credit party name.....

later on for depreciation:

asset will be credited and dep will b debited...