[GNC] what is best procedure to 'split off' to a new set of books?

[Michael or Penny Novack]

On 1/20/2025 3:36 PM, David Cousens wrote:
> Michael,
>   you have convinced me that it does make more sense to treat the
> contributions as an asset rather than a reduction in equity.
>
> David
>
"Contributions?    I am confused.

On the books of these businesses, equity represents the ownership 
interests << in this special case, you are the  sole owner --- but there 
COULD be multiple owners and the accounts under equity would track that 
 >> If you make a contribution to the business (increase your 
investment) then on the books of the business that would increase YOUR 
equity account. But since a sole owner, just undivided equity. The debit 
side would depend on the nature of this "contribution".

On YOUR (personal) books the business is an investment, an asset. When 
you make a contribution (say pay a business expense using your personal 
CC) that is an increase in your investment (debit an asset) and a credit 
to your liabilities (the CC)

Look, we aren't talking about gnucash here, but accounting. Please note 
that I lack "qualifications" to give accounting advice.

Michael D Novack