Fixed asset owned by director but used by pvt co.-treatment?
This query is : Resolved
CA Abhishek Singh
(Querist)
28 March 2013
Hello everyone,
one of my client was doing advertising business under proprietorship.
he formed a pvt ltd company fin fy 12-13. he divided his business between proprietorship firm and co.
fixed assets like computers, printers, air conditioner, vehicle which are in his personal name are actually used by the company.
My question :
how to transfer assets in the books of the company to claim depreciation ?
one of my client was doing advertising business under proprietorship.
he formed a pvt ltd company fin fy 12-13. he divided his business between proprietorship firm and co.
fixed assets like computers, printers, air conditioner, vehicle which are in his personal name are actually used by the company.
My question :
how to transfer assets in the books of the company to claim depreciation ?
30 March 2013
calculate the value of all assets and issue shares of equal to value in the name of the owner. assets will be debited to balance sheet by crediting the paid up share capital.
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