i have problem in maintaning the following figure in tally
APPLICATION OF FUND
Fixed Assests
Gross Block 300000
Less : Depreciation 50000
Net Block 250000
what kind of ledger and in which group are prepared to make above figure.
CA Hemant T Dewani
(Chartered Accountant)
(3356 Points)
Replied 07 May 2008
you will creat fixed assets block & depreciation block in the p&l A/c so when you will pass journal entry automatically pass the entry
subramanya
(Professional)
(907 Points)
Replied 18 June 2008
In my view,
While purchasing the fixed asset, you may pass a purchase entry in voucher mode[In F12 configuration: set Yes "Allow Expenses/Fixed Assets in Purchase entry"]
Dr Fixed Asset [under Fixed Assets group]
Cr Supplier
At the time of depreciation pass a journal entry
Dr Depreciation a/c[under indirect expenses]
Cr Fixed Asset
Once the above entries are passed, the net value of Fixed asset will be shown in the ledger master and in the final accounts
guru santhanam
(Chartered Accountant)
(97 Points)
Replied 20 June 2008
Hi..guest,
This type of display in the balance sheet cannot be done with Tally.
Generally, Provision for depreciation account is created under Fixed Assets with Credit Balance.
So, when the Fixed Assets is shown in balance sheet it is netted off...
Regards,
guru
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