Accounting for items introduced into the business from home

How do I account for items that I previously purchased for private use that I now want to introduce into the business? For example, a DVD player that I bought a few weeks ago for use at home but now want to install at the office (I’m a videographer so need it for viewing finished customer DVDs).

Dr Office Equipment

Cr Capital

if you are sole trader

Thanks for the reply. Just so I understand the process better, what does this actually do and what is the overall effect on the account? Just wanting to learn the process rather than just follow a formula. Thanks.

I’ve done something similar with tools, i had to give them a realistic second hand value and “Give” them to the company, then i entered that amount in the directors loan account, the company then has to pay that back (tax free i’m led to believe) to the director loan accoun as and when it can afford to.

I might be missing something here but thats currently what im doing with my tools.

Regards,
Simon