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Assets and amoritization

Posted By SRC over 9 years ago

I am finishing up year end for books for our community association. A couple of items I can't get booked. This is my first year end as treasurer and I suspect these are simple questions?

1. We have GIC in our assets that has increased in value in 2014. I don't know how to change the value of this GIC so it is reflected in the assets on the balance sheet?

2. I have calculated the amortization based on CRA criteria for our other assets but now don't know how to book that into the amortization expense line so it appears on our income statement.

Any help?

Thanks, Steve

Parents

0 Roger L over 9 years ago

so a business GIC has gone up in value, ie. has generated income ?

wouldn't you debit the GIC asset account and credit an interest income account ?

amortization, you should have amortization contra accounts for each capital asset account

1840 vehicle

1845 accum amortization vehicle

and an amortization expense (5660)

db 5660

cr 1845
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0 Roger L over 9 years ago

so a business GIC has gone up in value, ie. has generated income ?

wouldn't you debit the GIC asset account and credit an interest income account ?

amortization, you should have amortization contra accounts for each capital asset account

1840 vehicle

1845 accum amortization vehicle

and an amortization expense (5660)

db 5660

cr 1845
Cancel
Vote Up 0 Vote Down

Sign in to reply

Verify Answer

Cancel

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