Journal Entry for Fixed Asset.

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Devendra (Querist)
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18 March 2011 What will be the Journal Entry for Personal Fixed Asset brought into Business? Whether to pass a Journal Voucher entry?
Please reply. Its urgent.

Thank You

Rahul Gupta

Rahul Gupta (Expert)
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18 March 2011 Fixed Asset A/c....Dr
To Capital A/c....Cr
(If invested as a capital contribution)

Fixed Asset A/c... Dr
To Cash/Bank A/c....Cr
(If payment is made for the value of the asset)

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Kumar Babu.G

Kumar Babu.G (Expert)
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18 March 2011 In case of Non Corporate:
Fixed Asset a/c Dr
To Capital a/c

In case of Companies:
Fixed Asset a/c dr
To personal Account

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