Fixed assets

Dear nilesh 

You can make entries in CWIP(capital work in progress) and after that when it is ready to use then, make a journal entry to transfer the same to the respective fixed asset account. for eg. 

1. CWIP(Machine X) Dr. ******

  To Vendor A            Cr.  ******

To Vendor B               Cr.  ******

2. When machine is ready to use then 

Machine X a/c Dr. *****

To CWIP(Machine X) Cr. *****

I hope it will help ur case ... 

As regards entry in Fixed Assets Register, you have to enter it only once, after all the parts are assembled into a single machine. While passing entries in books of account, first enter various parts as Capital WIP, crediting respective vendor accounts as mentioned by Manoj above. After the machine is assembled, debit the machine (fixed assets account), crediting all the capital WIP accounts debited earlier.

Since the machine will be assembled in your premise itself, check if your firm needs to take registration under Central Excise and pay any excise duty on machine assembled (since it fits in the definition of manufacture under the Excise Act).