Fixed Asset related Account Heads info

We are trying to add Fixed assets for the first time, and have some AH queries, since we are new to Accounting too.

Here there are 4 types of AH’s that are to be provided in the asset category.

Below are the queries and assumptions. Kindly inform if they are right.

  1. Fixed Account AH: This will be in the Balance Sheet under Assets section.

  2. Accumulated Depreciation AH : This should be in Balance sheet under Liabilities section.

  3. Depreciation Expense AH : This will be in P&L expense under the Expenses section.

  4. Capital Work In Progress : Will this be in P&L or Balance sheet, and under which section.

  5. The fixed asset documents link (Asset Depreciation)says that when we book a depreciation JE, the Accumulated Depreciation AH is credited and Depreciation Expense AH is debited. This implies that the Fixed Asset AH is untouched. What if we give Fixed Asset AH for Accumulated Dep AH also. IN that case Fixed Asset AH will be Credited. This way the Fixed Asset AH will have the up to date current value of assets. Is this wrong in some way logically or Accounting books vise. Pls let us know.

Kindly help out with the queries.