What will be the treatment of the following entry in accounting equation:
Bought 2 computers worth Rs 1lacs on credit. Money will be paid after 6 months. Useful life of computers is 2 years.
Please help
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Replies (3)
Debit the asset & credit the party (vendor) name.
Useful life needs to be considered at the time of claiming depriciation
Depriciation entry - "Depriciation"- debit & Fixed assets - credit
u can book it by the purchase date.
At The time of purchase:
asset a/c DR
To credit party name.....
later on for depreciation:
asset will be credited and dep will b debited...
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