Accounting of personal vehicles
This query is : Open
04 January 2017
How the value of the personal vehicle of the partner exclusively used by the firm shall be accounted in the firm books?
No cost is incurred to firm for its acquisition.only fuel charges & repairs are met by firm.
No cost is incurred to firm for its acquisition.only fuel charges & repairs are met by firm.
05 January 2017
You dont need to show the vehicle in the books. Just show the expenses incurred under respective heads.
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