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Hi Can Someone Guide the Exact process of Fixed Assets Accounting How do we capitalise the same & the Depreciation Regards Pratik
From India , Mumbai
hi pratik ,
In the F.A A/c, Any amount paid for the F.A.& ready for use can be capitalise Example-In the case of Machinery installation related all charges will B capitalise & also cheaking of product is also.......
Amit Dwivedi

From India , Mumbai
Fixed Asset Cost includes Purchase Price of the Asset + Taxes + Installation & Erection Charges
Journal Entry goes like this
Dr Fixed Asset 125000
Cr Bank/Cash 125000
Fixed Asset shown in Balance Sheet at Gross Value
Depreciation on Assets is charged as per applicable rates either at WDV method or Straight Line menthod.

From India , Hyderabad
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