Danny decided to expand his bakery shop and to form a partnership with Ian. Ian contributed his own Van, valued at $5,000 as his initial investment, for use in the business. Which of the following statements is not true?

Question 10Select one:

a.

The van is an asset of the shop since it is controlled by the business

b.

The van is an asset of the shop since it gives a future benefit for the business

c.

The van is not an asset of the shop because it is Ian's personal asset

d.

The van is an asset of the shop and increased Ian's equity in the business

solve this