Capitlisation of a car

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