Assets bought for an entity by a related entity, what are the various options for the double entry?

Question

An entity had some items of plant and machinery paid for by a related party. I am clear about the Debit entry of the jounal.

However what should the Credit entry be:
*Other income
*Intercompany
*New Reserve set up maybe capital contribution?

Answer 1

According to IAS 24 and IAS 16,

The entry for the purchase of property, plant, and equipment must be as follows:,

Property, Plant, and equipment (Debit)      ***

Cash/ Account Payable (Credit)                     ***

There is no effect on the journal entry due to the related party. The transactions with related parties only required disclosures.