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Capitlisation of a car
i want to know that , if any partner of particular firm purchase a car and all the payment done from his personal a/c ..now he wants that me should capitalize that car into firm's assets. so what entry will b passed and shall i pass that car's insurance entry which also paid from his personal a/c
Replies (2)
Hi Montu,
There is a provision for transferring the partners assest to the firm, the same could be done by passing the entry in the books of firm,
Car A/c Dr
To Partners Capital A\c,
The insurance that has been paid by partner shall not beshown in books of firm, however the same shall be shown as expense of the firm once it has been transfeerred to the firm
thank u so much
sir
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