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Thread: Loan account in CC

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    Loan account in CC

    Is it possible to bring assets into the books of the CC, that were bought in personal capacity a few years ago? i.e. increase loan account and asset account and obviously determine the necessary fringe benefits for private use of these assets?

    Do these assets have to be registered in the name of the CC?

    At what value do these get brought in? Original cost, or book value?

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    Quote Originally Posted by Darko View Post
    Is it possible to bring assets into the books of the CC, that were bought in personal capacity a few years ago? i.e. increase loan account and asset account and obviously determine the necessary fringe benefits for private use of these assets?

    Do these assets have to be registered in the name of the CC?

    At what value do these get brought in? Original cost, or book value?
    Yes. And it would inflate your loan account by the same value. As far as I know, the assets that have to be registered would be a Property(Deeds Office) and Motor Vehicles(Vehicle Registration Office). For all other assets,If more than one member, a resolution will have to be passed by the members, effecting the transfer, for other assets(computers etc).

    Bring the assets in its "fair market value". In Other Words.What would you be prepared to pay for these assets?
    Sean Goss We all are scared, but only few are brave.
    www.sgafc.co.za

  3. Thank given for this post:

    Darko (06-May-09), Dave A (06-May-09)

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    Thanks.

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