07 June 2014
my client is a partnership firm. one of the partners purchased motor vehicles and a godown in his name before the date of parnership agreement by taking a loan. these are used for the purpose of the partnership business. can we brought both vehicle and the godown into the account of firm through the parners capital account? can we account the unsecured loan taken for purchasing the vehicle and godown in the accounts of firm?.
CAclubindia
