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Asset Accounting and Management Entries

The document outlines various accounting entries for different types of asset transactions including: 1) Depreciation entries that debit the depreciation account and credit the accumulated depreciation account. 2) Asset purchase entries that debit the asset account and credit the vendor account. 3) Asset sale entries that can result in a loss or profit depending on sale price relative to carrying value. It also includes entries for material management, bank reconciliation, and production.

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145 views9 pages

Asset Accounting and Management Entries

The document outlines various accounting entries for different types of asset transactions including: 1) Depreciation entries that debit the depreciation account and credit the accumulated depreciation account. 2) Asset purchase entries that debit the asset account and credit the vendor account. 3) Asset sale entries that can result in a loss or profit depending on sale price relative to carrying value. It also includes entries for material management, bank reconciliation, and production.

Uploaded by

rajesh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Asset Accounting Entries

Depreciation entry

Depreciation A/C DR

Accumulated depreciation A/C CR

Asset purchase from FI

Asset A/C DR

Vendor A/C CR

Asset sales with Loss

Customer Account DR 70000


Asset Sale CR 70000
Accumulated Depreciation DR 20000
Loss on Sale DR 10000
Asset Sale account DR 70000
Asset account CR 100000

Asset sales with Profit

Customer Account DR 90000


Asset Sale CR 90000
Accumulated Depreciation DR 20000
Asset Sale account DR 90000
Asset account CR 100000
Profit on sale (if applicable) CR 10000

Asset Procure from MM

MIGO

Asset Account DR

GR/IR Clearing Account CR


MIRO

GR/IR Clearing Account DR

Vendor Account CR

Asset Purchase from In house Production:

Asset Account DR 60000

Asset acquisition clearing account CR 60000

Asset acquisition clearing account DR 60000

Inventory Account CR 60000

Asset Sales through SD.

Vl02n

Acc dep Account DR 30000

COGS Account DR 70000

To asset Account CR 100000

Billing VF01

Customer Account DR 65000

Loss on sales account DR 5000

To Asset Sales Account CR 70000

Asset scrapping without revenue ABAVN

ACC Dep Account DR

Loss due to scarp DR

Asset Account CR
Retirement with revenue F-92 Just T code

Legacy Upload AS91

Asset Write OFF –ABZU

Initial Stock Posting MB1C

561 GBB-BSV

BSX

Stock Account DR

Initial Stock Upload CR

Production Receipt:

Inventory Finished Goods DR

To COGM Account CR

( OR)

Finished Good Account DR

To increase /Decrease Account CR

BOM(261)

Material Consumption Account DR

To raw material Account CR


Material Management Accounting Entries

Moving Average Price in Martial Master

PO -1000*100

MIGO -1000*100

Inventory Raw material Account DR 100000

To GR/IR Clearing Account CR 100000

MIRO -1000*101

GR/IR Clearing Account DR 100000

Inventory Raw material Account DR 1000

To Vendor Account CR 101000

Standard Price in Martial Master

PO -1000*100

MIGO -1000*100

Inventory Raw material Account DR 100000

To GR/IR Clearing Account CR 100000

MIRO -1000*101

GR/IR Clearing Account DR 100000

Price Difference Account DR 1000

To Vendor Account CR 101000


BRS Accounting Entries

Vendor Invoice

Advertisement charges Account DR

Vendor Account CR

Vendor Payment

Vendor Account DR

Outgoing bank Account CR

BRS Entry

Outgoing Bank account DR

Main Bank Account CR

Customer Invoice

Customer Account DR

Sales revenue Account CR

Customer payment

Incoming Bank Account DR

Customer Account CR

BRS entry

Main Bank Account DR

Incoming Bank Account CR


Bank Charges

Bank Charges Account DR

Outgoing Bank Account CR

BRS Entry

Out Going Bank Account DR

Main Bank Account CR

INTEREST

Incoming Bank Account CR

Interest Received Account DR

BRS ENTRY

Main Bank Account DR

Incoming Bank Account CR

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