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Thread: Trust assets

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    Trust assets

    Hi, a trust inherited property to the value of R25m. What is the book entry, debit property and credit ? is it capital acc or trustee loan acc?

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    Site Caretaker Dave A's Avatar
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    From a strict business approach - You'd be debiting an asset account (representing the take-on value of the property) and crediting an income account (inheritance received perhaps?)
    The trouble with opportunity is it normally comes dressed up as work.

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    Full Member padjakkels's Avatar
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    Correct to debit the asset account. But the credit leg would be an capital item or trust funds (inheritance received). I would rather take it directly to trust funds than show it as an income as its not taxable as an income, it will only confuse SARS unnessary.

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