Question: The owner has decided to transfer a large shelving unit he owns privately to the business to be used as display shelving in the shop.

The owner has decided to transfer a large shelving unit he owns privately to the business to be used as display shelving in the shop. The asset is to be transferred on the 30 June 2022 at its current market value of $1700.00, which should be credited against the account "Owner's Drawings". There is no GST in this transaction as the seller (the owner) is not registered for GST. what steps tp follow in xero

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