Fixed assets

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 June 2013 Dear Expert,

when we are constructing the building we are paying the Direct And Indirect Expenses for that.After completing the building it is fixed asset to us.
how we have to convert the total building Expenditure as a Fixed Asset. what is the account entry.

Ganeshbabu K

Ganeshbabu K (Expert)
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22 June 2013 1)you can debit all expences related to building as work-in progress

2)as and when capitalisation completed reverse to asset account

Thanks & regards
Ganesh babu k

Querist : Anonymous

Querist : Anonymous (Querist)

22 June 2013 Sir,

In tally-JV we can credit the Direct and indirect expenses to particular suppliers after that we are making the payment to Suppliers with the Payment Voucher.

than how we can debit the building Exp as Direct and Indirect Exp to Building Ac.

Querist : Anonymous

Querist : Anonymous (Querist)

22 June 2013 Sir,'

In tally how we have make the entries. could pls explain with the accounting entries.

Ganeshbabu K

Ganeshbabu K (Expert)
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22 June 2013 1)building work in progress account dr
to (charge to respective head)all expences

(expenses incurred)

2)building account dr
to building work-in progress
(being asset capitalised now)

Thanks & regards
Ganesh babu k

Ganeshbabu K

Ganeshbabu K (Expert)
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22 June 2013 Please refer below links for your reference

https://www.caclubindia.com/forum/tally-erp-9-sample-reports--244467.asp#.UVKdsBwZ114

https://www.caclubindia.com/forum/tally-tips-and-tricks-at-a-place-244073.asp#.UVKMCBwZ115

Thanks & regards
Ganesh babu k

Querist : Anonymous

Querist : Anonymous (Querist)

22 June 2013 Thanks Sir.

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