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Recognition of fixed assets
How to recognise Fixed Assets in books which has not been recognised earlier as per Companies Act 2013. Please tell me the Journal entry.
Replies (1)
The entry is same as we pass for Fixed asset Capitalization. There is no difference due to the fact it has not been earlier capitalised as per companies act 2013.
Entry that is to be passed in the books of accounts is :
Fixed assets a/c Dr.
To Party A/c
At the time of payment
Party A/c Dr.
To Cash/bank A/c
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