Recording a firm building

[Noor Hamed]

Dear accountants

recently i started working for a firm and i have this issue .

a year ago this firm bought a new building with a mortgage loan in the name of company yet the building was registered in the manager name and according to the later accountant it was not recorded in the firm records as assets because its considered to be a personal asset to the manager also the loan was not recorded . now the company uses the building and records loan payments as a rent !!!

help on what the right thing to do