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?
1 Replies
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 08 April 2011
if you want to introduce as capital account intro then
fixed asset a/c dr ..............
to capital a/c of person ...................
if as a loan
fixed asset a/c dr ................
to
unsecured loan a/c ......................
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