Capital asset purchased
This query is : Resolved
10 July 2012
i purchased a crane to give it on hire. Full payment of the crane has been made by my father from his own account. now how should i account for this crane in my books of accounts? I m a proprietor and have no other business.
10 July 2012
Show it as a gift or loan from your father.
If you intend to reimburse your father towards the cost of the crane, then show it as loan otherwise show it as gift.
If you intend to reimburse your father towards the cost of the crane, then show it as loan otherwise show it as gift.
11 July 2012
can u plz tell me the accounting entries to be done in the books of accounts?
11 July 2012
In the books of recipient:
Asset A/c Dr
To Loan A/c
Asset A/c Dr
To Loan A/c
13 July 2012
thank u mr siddhartha for ur help...
14 July 2012
You are welcome. You should use the thanks button to convey your thanks.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- TAN for Partnership
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- Plot of land. Cost of Acquisition
- Specified Profession
- GST ON DAMAGED GOODS
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
