[Question] Baught a new company - Asset List

[Scarlett]

Hey,

A new retail business was bought. I have an asset list with values. I would just like to find out how do I bring the assets into Pastel? Do I use the suspense account?

Thanks.

[Elijah]

Were the assets part of the business that you bought? Or did you purchase the assets after buying the business? Did the seller provide you with Financials?

[Scarlett]

The only thing that was provided was an Income statement and an asset list of what is currently in the store. Now I want to bring in the current assets in the store into pastel.

[Elijah]

Okay, this question has already been answered comprehensively in a previous post by Neville, see the post just below this one "Opening Balances"

[Scarlett]

I don't have a trial balance from the previous owners. The only thing I want to bring in is the opening stock and the assets. But if I do that the suspense account won't be 0?

[Neville Bailey]

I suggest that, instead of using the suspense account, that you credit your loan account.

If you paid cash for the business, then you can allocate the payment against your loan account.

[Scarlett]

Can I do the same with the Stock?

Thank You

[Neville Bailey]

Yes.