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Asset?

What are the accounting entries when u receive an Asset?

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  • author's profile photo Former Member
    Former Member
    Posted on Jan 16, 2008 at 12:32 PM

    hi,

    it is all depend on how u want to treat the asset procurement.

    if u r creatying the stock, then stock a/c gets debit and GR-ir clearing credit.

    when u dont want ocreate the stock, then it shall be non valuated purchase, and no accounting entry shall get generate, and the payment or liability shall gets created when u r making the MIRO.

    asset get capitalised.

    in CWIP (capital work in progress) inityially u create the Internal order called CWIP order and it is settled to CWIP asset.

    and after completion of all process, iot will capitalised and settled and a new main asset is cereated.

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  • author's profile photo Former Member
    Former Member
    Posted on Jan 29, 2008 at 10:17 AM

    hi, it helped me.

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