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Accounting Treatment

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(Querist)
19 July 2008 Hi all,

Please help me with a correct Journal Entry. Suppose, a Co. has a Development Fund and it wants to purchase some Fixed Asset utilising the said fund. It has a particular Bank A/c (say D.Fund Bank A/c) which represents the D.Fund Value. Now, I think-
Fixed Asset A/c is to be Debited & D.Fund Bank A/c is to be Credited (Current Asset is converting into Fixed Asset)
Again, Development Fund A/c is required to be Debited because of its utilisation (Fund gives Cr. Balance) then which A/c should be credited in this case under Double Entry System of Accounting.

Kindly reply

Thanks in advance
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Taranjit Singh

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Taranjit Singh (Expert)
04 October 2009 Hello, is this an old query still pending?????? plz send me a PM if yes.....
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Taranjit Singh

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Taranjit Singh (Expert)
04 October 2009 Hello, is this an old query still pending?????? plz send me a PM if yes.....
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