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Capital asset purchased

This query is : Resolved 
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(Querist)
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.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
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.
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mudit gupta

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mudit gupta (Querist)
11 July 2012 can u plz tell me the accounting entries to be done in the books of accounts?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
11 July 2012 In the books of recipient:

Asset A/c Dr
To Loan A/c
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mudit gupta

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mudit gupta (Querist)
13 July 2012 thank u mr siddhartha for ur help...
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
14 July 2012 You are welcome. You should use the thanks button to convey your thanks.
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