Asset Transfers

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slackda
slackda Registered Posts: 460 Dedicated contributor 🦉
in General accounting discussion
Hi people,

just looking for some quick advice, i think i know the answer.

Situation Client is in a a photography partnership, now he hasn't bought a new camera, but will be using the camera for the business use only, what do you think of adding the camera as and asset to the business, my thoughts were to get the partnership to buy the camera from the director at a current market value (i.e second hand shops ebay prices etc), then depreciate from there.

opinions/thoughts would be appreciated.

Many thanks

Martin

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  • deanshepherd
    deanshepherd Registered Posts: 1,809 Beyond epic contributor 🧙‍♂️
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    Yes, the partner can bring the asset into the partnership at market value. Any reasonable valuation will be accepted. No AIA available on assets introduced though.

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