Purchase of fixed assets on credit is originally recorded in
A. Purchases book
B. Ledger
C. Cash book
D. Journal Proper
Answer: Option D
Solution(By Examveda Team)
Purchase of fixed assets on credit is originally recorded in Journal Proper. On the assumption that the asset was purchased on credit, the initial entry is a credit to accounts payable and a debit to the applicable fixed asset account for the cost of the asset.This Question Belongs to Commerce >> Accounting
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