Purchase of asset from fund
This query is : Resolved
23 June 2014
Respected Experts,
In one Granted school, they got Rs.15000 as a sports equipment fund through bank...now what book entry accountant have pass if school buy sports equipment of Rs.7000 FROM THAT SPORTS EQUIPMENT FUND...???
Thanking you..!!!
In one Granted school, they got Rs.15000 as a sports equipment fund through bank...now what book entry accountant have pass if school buy sports equipment of Rs.7000 FROM THAT SPORTS EQUIPMENT FUND...???
Thanking you..!!!
23 June 2014
at the time of purchase,
Asset A/c dr
to bank a/
for depreciation
Sports Equipment Fund A/c
To asset a/c
Asset A/c dr
to bank a/
for depreciation
Sports Equipment Fund A/c
To asset a/c
23 June 2014
when make purchase entry
SPORTS EQIUpmentr a/c
to party a/c
Party a/c dr
to Bank
SPORTS EQIUpmentr a/c
to party a/c
Party a/c dr
to Bank
24 June 2014
but sir is there any changes in sports equipment fund account because equipment purchase from that fund only...
24 June 2014
Dear friend,
at the time of purchase there wont be any change.
but as and when you will charge depreciation, the fund will start reducing. refer to the second entry.
at the time of purchase there wont be any change.
but as and when you will charge depreciation, the fund will start reducing. refer to the second entry.
24 June 2014
ok now I got it
Thanks to all experts.
Thanks to all experts.
24 June 2014
ok now I got it
Thanks to all experts.
Thanks to all experts.
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