How to record purchase of a company vehicle with down payment made by owner contribution in the form of cash?
Hello everyone. I need help recording the $7,000 down payment made by the company's owner in the form of cash when he purchased the company truck at the dealership.
So far, I have:
Set the fixed asset account as "Work Truck" with an opening balance (which does not include the $7,000 contribution.) And,
I have created a long-term liability account- detail "notes payable"- named "Truck loan" that does not include the $7,000 contribution.
How to record purchase of a company vehicle with down payment made by owner contribution in the form of cash?
We have to either create a liability to be paid to the Partner/Owner/Director or the same can be used to increase the partners/owners capital in the firm/organisation. A lot of others compliances are also needs to be taken care based on the nature of organisation and the local laws for these transactions of the region
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