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Fixed Asset

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(Querist)
08 April 2011 Mr. X wants to introduce his personal Asset into Business (Asset already in use since 3 years). How to introduce the Fixed Asset through loan method? What are the Journal Entries to be passed in the Books of Accounts?
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Hitender Gaur

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Hitender Gaur (Expert)
09 April 2011 In Books of Firm:

Fixed Assest A/c Dr.
To X's Loan A/c.
----------------------------
In Books of Mr.X:

Loan to Firm/Business A/c Dr.
To Fixed Assest A/c.

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