fiexed asset

hai anybody can help me

Ex:-- One company using fixed asset hiring and later onwards company decided to convert into own what is the process in ax can i know what are the entries

In case of asset hiring, we will be booking expense of hiring. We can’t show that asset in balance sheet.

For the acquistion of asset, you will have to use FA Journal/PO.

Entries in Asset Hiring: Asset Hire A/C (Expense Account) Dr.

Cash/Bank A/c Cr.

Entries in Asset Acquistiion: FA A/C Dr.

Vendor A/c Cr.