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Re: Short Accounting Course?
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woah accounting class here... am interested :)

what if I invest an asset with a partner and what should I do with it to record down for future reference?

Posted on: 2009/11/11 10:36
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Re: Short Accounting Course?
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Quote:

webbie wrote:
Found this interesting excel file which is used for Fixed assets management.

http://www.vertex42.com/ExcelTemplates/inventory-spreadsheet.html


gosh, thank you... can really put into use straight away :D

Posted on: 2009/11/11 11:01
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Re: Short Accounting Course?
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2006/4/23 17:43
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You're welcome, webbie. Have to thank quiroz for pointing out the ambiguity of the loan part.

Quiroz: Regarding the lending of the money, sorry for the confusion. I should have used the term "Amount owing to the shareholder" to avoid confusion.
However, for webbie's situation, it is not required to do so.
All of this "amount owing to the shareholder/director" entry is required especially when there is a share certificate being issued to the shareholders. For sole-proprietorship, this is not an issue. For company with 2 or more shareholders, this can lead to an issue because a share certificate stated how much a shareholder has invested in the company. Using the scenario above, the additional RM2,000 invested must be supported by another issuance of share certificate.
Therefore, without issuance of additional share certificate, the money can be treated as "amount owing to the shareholder" instead of crediting the Capital account.
Hehe. Hope that clarifies the confusion.

Please ignore the term "loan" in earlier post.

Posted on: 2009/11/11 12:21
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Re: Short Accounting Course?
Quite a regular
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Quote:

bytez wrote:
woah accounting class here... am interested :)

what if I invest an asset with a partner and what should I do with it to record down for future reference?


Erm bytes, can you please elaborate on the investment of an asset with a partner? This is because different nature of the transaction can have different double-entry treatment.

Posted on: 2009/11/11 12:31
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Re: Short Accounting Course?
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^^^ great, i've learned somthing new today. Thanks.

Posted on: 2009/11/11 17:12
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Re: Short Accounting Course?
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Quote:

Northstar wrote:
Quote:

bytez wrote:
woah accounting class here... am interested :)

what if I invest an asset with a partner and what should I do with it to record down for future reference?


Erm bytes, can you please elaborate on the investment of an asset with a partner? This is because different nature of the transaction can have different double-entry treatment.


Alright. Let's say both partners invested RM2500 in a DSLR Camera and both parties are eligible to use the asset anytime without any restriction by the term, segregation. But what if one day, both parties decided to end the business and also, the asset invested had depreciate value. How we gonna acquire back the right amount with mutual agreement for both parties.

thanks.

Posted on: 2009/11/12 1:04
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Re: Short Accounting Course?
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Aiya. Your question i think is not complete.

Posted on: 2009/11/12 12:15
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Re: Short Accounting Course?
Just can't stay away
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Quote:

quiroz wrote:
Aiya. Your question i think is not complete.


do work out a scenario similiar to the questions if u find incomplete. cause most of us don't know much about accounting. and never really experience it on our own except messing accounts and cashflow.

Posted on: 2009/11/12 12:21
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