Thread: Help-transfer of property

I am the 100% shareholder of a cyprus resident company. During 2003 I decided to transfer to my own company a flat that was purchased by me in 1990. The problem now is that I do not know how to record the above mentioned transaction in my accounting records and financial statements. The flat was purchased for Cyprus pounds 25.000. What will be the accounting treatment for the transfer? Will I have to show the flat in the financial statements of the comoany and at what price? what about depreciation? And what happens now in 2009 that i have decided to sell the flat?

Thanks in advance

Savvas