Accounting entry
This query is : Resolved
Guest
Guest
(Querist)
12 February 2013
What will be the accounting entry if an asset is purchased from General Reserve?
Vishaljeet Singh
(Expert)
12 February 2013
1.General reserve a/c Dr
To Asset Fund a/c
2.Asset Fund Investment a/c Dr
To Bank a/c
3.Bank a/c Dr
To Asset fund Investment a/c
4.Asset a/c Dr
To Bank a/c
Now, Asset fund (amt transferred from General reserve) will stand on liability side of B/s & General reserve will be reduced by that amt & Asset a/c will be raised on the Asset side of B/s.
To Asset Fund a/c
2.Asset Fund Investment a/c Dr
To Bank a/c
3.Bank a/c Dr
To Asset fund Investment a/c
4.Asset a/c Dr
To Bank a/c
Now, Asset fund (amt transferred from General reserve) will stand on liability side of B/s & General reserve will be reduced by that amt & Asset a/c will be raised on the Asset side of B/s.
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