11 July 2020
We,Private Ltd , are providing transport services - No vehicles are in the name of company but only the directors of the company have the vehicles.
Whether the income and expenses of vehicles should be accounted in the books of Company or in the books of individual (i.e) directors?
In case the accounts to be made in the books of individual (directors), Should the directors be treated as sub- contractor to the business?
thanks in adv
09 August 2020
It depends on the MOU or Agreement signed for facilitating the use of Vehicles by the business. All these needs to be reported in RELATED PARTY TRANSACTION