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Sale of assets to partner

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(Querist)
12 May 2015 Question: A private company has 2 partners with equal shares. Assets acquisition value is 10 lacs, while book value is 3 lacs. one of the partners want to buy these assets at book value I.e. 3 lacs. what would be the accounting entry for the sale of assets. Also what is the entry if they decide to adjust it again retained earnings. thanks. Anjum.
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Vishrut Shah

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Vishrut Shah (Expert)
12 May 2015 First of all for company there can not be any partner but shareholder.

Any of its promoters can buy asset by following entry :

Partner Account Dr.
Asset Account Cr.

It can never be adjusted against retained earnings as company is always a separate entity.
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