Hojefa (Ca final) (178 Points)
11 August 2015Dear Experts,
I have an query related to fuel expenses claimed as a business expenditure in case of a partnership firm.
Matter:- In Case of an Asset (Car of a partner) not Shown in Books of Accounts being an Fixed Asset & its Fuel Expenses incurred have been paid in Cash, Can we Claim this expenses as a business expenditure or not? if yes in which head fuel expenses or travel expenses( car used for travelling purpose for business)?
kindly reply
thanks in advance.
Rashi Bajaj
(CA)
(752 Points)
Replied 11 August 2015
Youe can claim fuel expenses under "other expenses" of "fuel expenses" itself.
CMA Poornima Madhava
(CMA)
(13097 Points)
Replied 11 August 2015
If used for local travel, u can debit to local conveyance (or fuel exps also) and if used for outstation travel, debit to travel exps.
Mathew George ACMA
(Finance Manager)
(71 Points)
Replied 11 August 2015
Its like you are paying for the Taxi Car which is used for business purpose. Fuel Expenses can be claimed as a business expenditure under the head Fuel Expenses.
K.GOPALREDDY
(Student CA Final )
(221 Points)
Replied 11 August 2015
It should be considered as travel expense as the Partnership firm does not own motor vehicles it cannt be shown as Fuel expenses
paraj kapoor
(student)
(37 Points)
Replied 11 August 2015
CAclubindia
