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Anonymous
Not applicable

Owner's Capital

Hello.

 

If I purchased a business and need to write a check to the previous owner how do I record that in my current books?

1 Comment
Anonymous
Not applicable

Owner's Capital

You must have a written purchase agreement - so the 'buyer' records what it says. The buyer might be you personally or a business you already own. Or 'you' might be providing money to the buyer to close the purchase.

If you bought business assets there should be an itemized list with values , or create one now. Then record the purchase of various fixed assets, intangibles, and even goodwill just like you bought from a regular vendor. 

If you bought shares of a corporation then the entry will depend on if that entity is continuing to exist - or if its merging into another existing company or business.

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