What will be the accounting entries for fixed asset acquisition:

Debit    Fixed Asset
Credit   Cash / Creditors
     Being fixed asset purchased

What in the event the fixed asset acquisition is financed by means of Hire Purchase Employee, what will be the entries in that case:

Accounting Entries for Fixed Asset Acquisition

Debit    Fixed Asset
Credit   Creditors

Debit   Creditors
Credit       Hire Purchase Liability