8622 GENERAL FIXED ASSETS ACCOUNT GROUP
(New 3/86)
The General Fixed Assets Account Group is a separate self-balancing group of accounts set up to account for the general fixed assets of governmental funds. Record all property owned by governmental funds in these accounts. Property owned by governmental funds will not be accounted for within each fund's general ledger.
For example, a department which receives an appropriation from one governmental fund and purchases property from this appropriation will record the property in the General Fixed Assets Account Group. Similarly, another department which receives appropriations from several governmental funds and purchases property from more than one of these funds will record all of the property in the General Fixed Assets Account Group. These two situations are illustrated as follows:
Situation A: Department purchases property from one governmental fund . . .
General Fixed Assets Account Group
Dr. 2310 Land $ 50,000
Dr. 2321 Building $200,000
Cr. 5200.001 Investment in General Fixed Assets—
General Fund $250,000
Situation B: Department purchases property from more than one governmental fund . . .
General Fixed Assets Account Group
Dr. 2321 Building $140,000
Dr. 2341 Equipment $ 40,000
Cr. 5200.001 Investment in General Fixed Assets—
General Fund $150,000
Cr. 5200.042 Investment in General Fixed Assets—
State Highway Account $ 30,000
