Claiming depreciation

SAHARSH LATH (article) (24 Points)

04 July 2014  

A Vehicle financed by financial instituttion and ownership of vehicle is in the employee's name but the EMI of loan taken is paid by the company.

In such case can a Pvt Ltd company claim depreciation on that vehicle ??

If yes, suggest the journal entries..

If No, what would be the status of EMI's paid to Financial Institutuin on behalf of employee.??