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Asset Accounting GL Entries

Updated May 18, 2018

Dear Friends,

What are the GL Entries that occur in Asset Accounting?

Ex: While Purchasing of asset,Selling of asset,Posting of depreciation, asset retirement,Scrappin g of asset,Transfer of asset

All the help will be greatly appreciated.

Regards

Comments

06 Apr 2018 10:23 am akshata Helpful Answer

purchase of asset

Asset A/C (70) Dr
To vendor (31) Cr

Sales of asset

Customer A/C (01) Dr
Asset Sale A/C (50) Cr

Acc. Dep. on Asset (70) Dr
Asset A/C (75) Cr

Asset Sale A/C (40) Dr
Profit on Asset sale (50) Cr or Loss on Asset sale (40) Dr

Deprecation posting

Depreciation A/C Dr
To Acc. Dep A/C Cr

scraping of asset

Asset A/C (75) Cr
Acc. Dep A/C (70) Dr
Loss due to Scrapping A/C (40) Dr

transfer of an asset

ABUMN----->Asset transfer within Company Code

70 Asset debited in NEW Business Area
75 Asset credited in OLD Business Area

70 Acc. Dep debited in OLD Business Area
75 Acc. Dep credited in NEW Business Area

ABT1N------>InterCompany Asset Transfer

OLD Company Code 75 OLD Business Area Asset A/C Credit
OLD Company Code 70 OLD Business Area Acc. Dep Debit
OLD Company Code 40 OLD Business Area Asset sale A/C Debit
NEW Company Code 70 NEW Business Area Asset A/C Debit
NEW Company Code 50 NEW Business Area InterCompanyClearing Credit

12 May 2013 6:45 pm Guest
Dear sir,

what transation should i pass for letter of guaratnee or there is no trasnaction for letter of guarantee.
your quick response in this regard will be highly appreciated

Regards,
Mohammad yaseen

05 Apr 2017 11:07 pm Guest

when asset purchase :
Asset account Dr
To Vendor account
When asset Sale with customer with revenue:
Accumulated dep A/C Dr
Customer A/C Dr
Loss on asset sale a/c Dr ( if loss comes while sale the asset)
Asset sale a/c Dr
To Profit on asset sale ( If profit come while sale the asset)
To Asset sale
To Asset
When de-activate or scrapping
Accumulated dep A/C Dr
Loss on sale of asset A/C Dr
To Asset A/c

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