Hi,
I've just started working for a friend, helping with bookkeeping for their new business - and also trying to set up their accounts fully. (I am part qualified, inexperienced, so they will get an accountant at the end of the period if I can't do it all.)
Anyway, this is a rental company. They have one main asset (maybe more in future) and rent it out. This is down as a fixed asset.
However, they also rent in 'extras' which are then also rented out, with the main service. Is there a particular way this must be accounted for?
Thanks for any advice
(and sorry if this post isn't in the right place, doesn't make sense, or is a silly question. I'm super new.)
I've just started working for a friend, helping with bookkeeping for their new business - and also trying to set up their accounts fully. (I am part qualified, inexperienced, so they will get an accountant at the end of the period if I can't do it all.)
Anyway, this is a rental company. They have one main asset (maybe more in future) and rent it out. This is down as a fixed asset.
However, they also rent in 'extras' which are then also rented out, with the main service. Is there a particular way this must be accounted for?
Thanks for any advice
(and sorry if this post isn't in the right place, doesn't make sense, or is a silly question. I'm super new.)