Fixed asset accounting
This query is : Resolved
22 April 2019
Hi,
I have receive the Dell Server assets in Jan 2018 (FY 2018-19) & received the bill on same date, the asset is fixed at site & it is start working from Jan 2018. But there is spend some Professional Engineer cost for installation of the asset & the Professional cost Invoice is receive in April 2019 (FY 2019-20). Then how can I Capitalized this Professional cost in last year 2018-19?
I have receive the Dell Server assets in Jan 2018 (FY 2018-19) & received the bill on same date, the asset is fixed at site & it is start working from Jan 2018. But there is spend some Professional Engineer cost for installation of the asset & the Professional cost Invoice is receive in April 2019 (FY 2019-20). Then how can I Capitalized this Professional cost in last year 2018-19?
22 April 2019
1.
Dr. Installation Charge - XXXX
Cr. Sundry Creditor/Engineer - XXXX
2.
Dr. Asset Head (on server) - XXXX
Cr. Installation Charges - XXXX.
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23 April 2019
Work is done in FY 2018-19, capitalise by creating liability as above.
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