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Accounting Entry
1) A company increase their paid up & authorized capital from $100,000 to $1.0M. The directors only pump in $807K. So now the balance sheet shows only $907K for the capital. Meantime there is an outstanding balance of $94,368.74 in the "Amount Due to Director" account. So can I put a journal to transfer the amount from the account to capital account?
2) The company also bought a property from a developer. Currently the property is under construction and the company start paying progressive payment upon work completion in stages. So can I recognized this property as an asset even it's not fully completed? Each time progressive payment made I Dr - Asset and Cr - Bank account. Is this a correct entry? Thank you |
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