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02/10/2012 at 03:34PM PST
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New Member
11/21/09 10:20am PST
Viewed by asker 11/21/09 11:43am PST

Capital contributions other than cash.

At startup one of our owners in our multi member LLC contributed computer hardware as a capital contribution. The server, desktop, and printer have an estimated used street value of $2750.00. How do I account for this? Should I setup fixed assets?

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CopperCanyonTax
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You should make a journal entry to record the contribution. Debit equipment (fixed asset) and credit members contribution.

Marc Barnes

To learn more about Copper Canyon Tax, please visit our website.

Marc R Barnes
Copper Canyon Tax and Financial Services
coppercanyontax.com
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