Accountancy basics
This query is : Resolved
Iqbal Singh
(Querist)
10 September 2011
When the proprietor introduces any amount for starting the business, we debit Cash A/C or Bank A/C as the case may be. What if the proprietor brings in furniture, machinery etc. from his own stock? What is the entry to be passed then? And how is the depreciation charged to such furniture / machinery is to be treated against capital introduced?
CA Ravi Sisodia
(Expert)
10 September 2011
furniture/machinery/stock a/c Dr.
To Capital a/c
depreciation charged to such furniture / machinery - normal depreciation rates(same if we purchase from market)
furniture/machinery/stock a/c Dr.
To Capital a/c
depreciation charged to such furniture / machinery - normal depreciation rates(same if we purchase from market)
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