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March 04, 2026, 09:11:18 pm
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TyErd

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question
« on: June 05, 2010, 02:03:06 pm »
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what do you do if If the owner purchased a non current asset for the business using their personal bank account eg. Purchased vehicle using own bank account for 20000 + 2000GST. What would you do ?
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"Don’t ever let somebody tell you you can’t do something, not even me.  Alright?  You got a dream, you gotta protect it.  People can’t do something themselves, they wanna tell you you can’t do it.  If you want something, go get it, period." - Chris Gardner

Buharrr

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Re: question
« Reply #1 on: June 05, 2010, 02:09:18 pm »
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it would be a capital contribution where you would

debit the vehicle account 20000
debit gst clearing 2000
credit capital account 22000
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TyErd

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Re: question
« Reply #2 on: June 05, 2010, 02:23:04 pm »
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okay thankyou! i just wasnt sure about the gst if that was included or not.
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"Don’t ever let somebody tell you you can’t do something, not even me.  Alright?  You got a dream, you gotta protect it.  People can’t do something themselves, they wanna tell you you can’t do it.  If you want something, go get it, period." - Chris Gardner
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