this one is f&F question, plz help

CHUNKYMONKEY
CHUNKYMONKEY Feels At HomeRegistered Posts: 29
hi, hope someone can clarify this one then i think partnership returns will be ready to send (finally!)
man uses car 20% use in business (partnership) and 100% of a computer.
what do i do with these assets which are owned by the man.
have claimed capital allowances 100% of computer with note in "additional info" on partnership tax return saying its in short life pool, and 20% of car also in notes as in own pool.
however, bit confused as to the fixed assets as it wasnt actually paid for in bank payments.
so do i do an adjustment to increase capital and increase fixed assets,,
and if so how much by-full amount of car (worth £3000), and full computer £300,,,,,or just the amount for business use?? or
does the company have to buy and own the asset ie.pay the man.

any help gratefully appreciated

Comments

  • JodieR
    JodieR Experienced Mentor Registered Posts: 1,002
    I would Dr Fixed Assets and Cr Capital Introduced with the total value of the assets.
  • CHUNKYMONKEY
    CHUNKYMONKEY Feels At Home Registered Posts: 29
    thanks for confirmation, this was original plan lol
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