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Thread: Fixed Asset Journal Entries - (Accounting Question)

  1. #1
    Junior Member
    Join Date
    Feb 2010
    Answers
    1

    Fixed Asset Journal Entries - (Accounting Question)

    This is my situation: Purchased a piece of land and building for 1000 dollars, current owner paid a 100 dollars towards this, I am trying to figure out what to do with the 100

    dollars, financed thru a secured loan 900 dollars...

    Would my entry be :
    FA Debit 1000
    NP Credit 900
    Capital Credit 100

    I know this is basic but I feel like I am missing something, could someone assist me with the entry?


  2. #2
    Junior Member
    Join Date
    Jan 2011
    Answers
    2

    Re: Fixed Asset Journal Entries - (Accounting Question)

    Your asset is Land debit 1000
    Liability Credit Loan 900
    Credit Miscellancous Revenue 100 (Previous owner paid)
    Credit If you company paid then 100 to equity


  3. #3
    Junior Member
    Join Date
    Jul 2011
    Answers
    1

    Re: Fixed Asset Journal Entries - (Accounting Question)

    Correct entry Will

    FA Dr. 1000
    Bank/Cash Cr. 100
    Creditors (Lib) Cr. 900


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