How to Buy and Sell Assets

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RichTan
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How to Buy and Sell Assets

Post by RichTan »

There doesn't seem to be a guide on how to treat assets, as in buy/sell a property for example. In purchasing a property, do you:
1. Make a withdrawal from your cash/checking account (e.g. down payment),
2. Get funds from a bank loan credited to your loan account,
3. Transfer that loan to your asset account (i.e. property)
4. Make regular payments (transfers) from your cash/checking account to the loan account

Is this right?

Similarly, how is sale of asset treated?
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