Results 1 to 8 of 8

Thread: Baught a new company - Asset List

  1. #1
    New Member
    Join Date
    Apr 2013
    Location
    Gauteng
    Posts
    4
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Baught a new company - Asset List

    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.

  2. #2
    Bronze Member Elijah's Avatar
    Join Date
    May 2012
    Location
    Cape Town
    Posts
    129
    Thanks
    28
    Thanked 26 Times in 21 Posts
    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?

  3. #3
    New Member
    Join Date
    Apr 2013
    Location
    Gauteng
    Posts
    4
    Thanks
    0
    Thanked 0 Times in 0 Posts
    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.

  4. #4
    Bronze Member Elijah's Avatar
    Join Date
    May 2012
    Location
    Cape Town
    Posts
    129
    Thanks
    28
    Thanked 26 Times in 21 Posts
    Okay, this question has already been answered comprehensively in a previous post by Neville, see the post just below this one "Opening Balances"

  5. #5
    New Member
    Join Date
    Apr 2013
    Location
    Gauteng
    Posts
    4
    Thanks
    0
    Thanked 0 Times in 0 Posts
    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?

  6. #6
    Diamond Member Neville Bailey's Avatar
    Join Date
    Nov 2010
    Location
    Westville, Durban
    Posts
    2,760
    Thanks
    44
    Thanked 451 Times in 396 Posts
    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.
    Neville Bailey - Sage Pastel Accounting Consultant
    www.accountingsoftwaresupport.co.za
    neville@accountingsoftwaresupport.co.za
    IronTree Online Solutions

    "Give every person more in use value than you take from them in cash value."
    WALLACE WATTLES (1860-1911)

  7. #7
    New Member
    Join Date
    Apr 2013
    Location
    Gauteng
    Posts
    4
    Thanks
    0
    Thanked 0 Times in 0 Posts
    Can I do the same with the Stock?

    Thank You

  8. #8
    Diamond Member Neville Bailey's Avatar
    Join Date
    Nov 2010
    Location
    Westville, Durban
    Posts
    2,760
    Thanks
    44
    Thanked 451 Times in 396 Posts
    Yes.
    Neville Bailey - Sage Pastel Accounting Consultant
    www.accountingsoftwaresupport.co.za
    neville@accountingsoftwaresupport.co.za
    IronTree Online Solutions

    "Give every person more in use value than you take from them in cash value."
    WALLACE WATTLES (1860-1911)

Similar Threads

  1. Replies: 6
    Last Post: 13-Jul-12, 07:31 AM
  2. Tax Advantages of Proper Asset Accounting for Small Businesses
    By sgafc in forum General Business Forum
    Replies: 14
    Last Post: 05-Nov-09, 07:07 PM
  3. Capital Asset Finance
    By Pretty in forum Business Finance Forum
    Replies: 0
    Last Post: 24-Jul-08, 12:02 PM

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •