Capital asset purchased
This query is : Resolved
mudit gupta
(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.
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.
mudit gupta
(Querist)
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
mudit gupta
(Querist)
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
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- GST input credit on commercial property
- Nursery business
- TDS on Dashcam rent and allied services
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- Urd purchase entry in tally prime
- GSTR-9C filing
- Capital gains in IT returns
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
