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    zdacct's Avatar
    zdacct Posts: 1, Reputation: 1
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    #1

    May 5, 2009, 11:21 AM
    Journal Entry for fixed asset paid via owners capital
    I have a question about how to log a journal entry.
    I have a piece of furniture that I want to enter as a fixed asset. It was paid by owners capital/investment.

    Would this be a double journal entry?

    What are my dr/cr entries?

    Thanks!
    Mayank Verma's Avatar
    Mayank Verma Posts: 26, Reputation: 0
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    #2

    May 5, 2009, 11:51 AM

    It is shoul be credited defintely bcoz its from basic rule of accounting
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #3

    May 5, 2009, 09:26 PM

    Very useful, mayank.

    If I'm interpreting what happened correctly, you'd debit whatever asset account you want to use (like Furniture & Fixtures is a common name) and credit the owner's capital account. This isn't any different than the owner investing cash. An asset is an asset.
    bskaushal1's Avatar
    bskaushal1 Posts: 1, Reputation: 1
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    #4

    Mar 29, 2013, 03:25 PM
    Entry will be passed by Debiting Furniture A/c [Increase in assets - Dr] and crediting Capital A/c [Increase in Capital - Cr]
    I have followed the Modern Concept of Accounting.
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