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.
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