Accounts treatment
This query is : Resolved
sankar ponnan
(Querist)
11 July 2020
SIR
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
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
CA R SEETHARAMAN
(Expert)
11 July 2020
1 Income and expenses of vehicles should be accounted in the books of individual (i.e) directors.
No need for subcontractors treatment.
No need for subcontractors treatment.
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