Community Forum Portal/Portail du forum communautaire
Add a new Question Subscribe
Status Answered
Categories AgExpert Accounting AgExpert Analyst
Created by AgExpert Support
Created on Jul 25, 2012

RELATED QUESTIONS

Disqus Agexpert Accounting Questions Archive

We just incorporated so I have to transfer my cattle and Grain inventory to the corporate account. I have started a new set of book in the corporate name. How do I remove them from my personal Agriinvest and enter them into the corp. account? Any ideas?

  • ADMIN RESPONSE
    Feb 10, 2025

    In the personal set of books, enter a general journal entry to credit the inventory account and debit a personal drawings account. In the corporate set of books, enter a general journal entry to debit the inventory account and credit the shareholder loans account. I highly recommend verifying these entries with the accountant beforehand and throughout the entire transfer.

  • Attach files