Movement of fixed asset from one company to other company(sister concern)
This query is : Resolved
27 June 2015
Dear all,
Could anyone adive me the journal entry for the below situation.
Mr X owns 2 companies(company A and company B) and he purchased to 2 Machines for business.
however, he issued cheque belongs to Company A.
As he purchased two assets for both the company could you please advise the journal entries to be posted in Company A and Company B.
27 June 2015
Company A
Fixed assets Dr
Company B Dr
To Bank ac Cr
Company B
Fixed Asset dr
To company A Cr.
Fixed assets Dr
Company B Dr
To Bank ac Cr
Company B
Fixed Asset dr
To company A Cr.
27 June 2015
Situation 1: if supplier issued Invoice in the Name of Company A and Company B separately.
Company A-
(i)Fixed Asset Dr.
To Supplier
(ii) Supplier Dr.
Company B Dr.
To Bank
Company B-
(i)Fixed Asset Dr.
To Supplier
(ii) Supplier Dr.
To Company A
Situation 2: if Supplier issued Invoice in the Name of Company A
You have to sell Fixed Asset from Company A to Company B.
Company A-
(i)Fixed Asset Dr.
To Supplier
(ii) Supplier Dr.
Company B Dr.
To Bank
Company B-
(i)Fixed Asset Dr.
To Supplier
(ii) Supplier Dr.
To Company A
Situation 2: if Supplier issued Invoice in the Name of Company A
You have to sell Fixed Asset from Company A to Company B.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Inventory of finished goods
- Filing of Form 10BB instead of Filing Form 10B
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Refund of AY 22-23
- Disallowance of Section 43B(h) to sez units
- Applicability of Ind As to associate of associate
- Last year input claim shown in gstr9
- GST Registration Cancellation books of accounts asked by officer
- TDS Deduction Online Learing Platform
- Point (III) 9 of GSTR-9C
- As per our records, find the below outstanding demand(s)* and interest payable u/s 220(2):
- Regarding transaction th. credit card
- HSN Details in IFF/GSTR-1 & in GSTR 9
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
