Fixed Asset
This query is : Resolved
08 April 2011
Mr. X wants to introduce his personal Asset into Business (Asset already in use since 3 years). How to introduce the Fixed Asset through loan method? What are the Journal Entries to be passed in the Books of Accounts?
Hitender Gaur
(Expert)
09 April 2011
In Books of Firm:
Fixed Assest A/c Dr.
To X's Loan A/c.
----------------------------
In Books of Mr.X:
Loan to Firm/Business A/c Dr.
To Fixed Assest A/c.
Fixed Assest A/c Dr.
To X's Loan A/c.
----------------------------
In Books of Mr.X:
Loan to Firm/Business A/c Dr.
To Fixed Assest A/c.
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