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Entry for asset purchases by brother..on business name

Accountancy

What shall be the entry in our books? Because our Cash or bank is not affected? Is it asset dr. To capital?as it increases our networth so we credit capital?

vasabattula abhinav

CA Final

★ 85

18-Apr-22 14:59

546

Answers (11)

Asset Dr. To Brother's A/c

CA Suraj Lakhotia

Admin

18-Apr-22 17:33

CA Suraj Lakhotia Admin

Asset Dr. To Brother's A/c

Where should we keep that brother account under loan or capital?

Thread Starter

vasabattula abhinav

CA Final

★ 85

18-Apr-22 17:35

Loan/Liability

CA Suraj Lakhotia

Admin

18-Apr-22 17:35

CA Suraj Lakhotia Admin

Loan/Liability

But we don't repay that money to our brother ?

Thread Starter

vasabattula abhinav

CA Final

★ 85

18-Apr-22 17:36

Then no entry

CA Suraj Lakhotia

Admin

20-Apr-22 18:05

CA Suraj Lakhotia Admin

Then no entry

But we should record asset know sir ?

Thread Starter

vasabattula abhinav

CA Final

★ 85

20-Apr-22 18:06

Thread Starter

vasabattula abhinav

But we should record asset know sir ?

You can record at nominal value may be at Re.1

CA Suraj Lakhotia

Admin

20-Apr-22 18:10

CA Suraj Lakhotia Admin

You can record at nominal value may be at Re.1

Can we do like that sir?

Thread Starter

vasabattula abhinav

CA Final

★ 85

20-Apr-22 18:11

Thread Starter

vasabattula abhinav

Can we do like that sir?

Yes.

CA Suraj Lakhotia

Admin

21-Apr-22 10:15

CA Suraj Lakhotia Admin

Yes.

Thanks sir .is it given in standard or as a guidance can u tell that sir?

Thread Starter

vasabattula abhinav

CA Final

★ 85

21-Apr-22 10:17

Generally accepted principal

CA Suraj Lakhotia

Admin

22-Apr-22 19:53