Fixed Asset
This query is : Resolved
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?
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.
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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