accountwritting

This query is : Resolved

survesh (Querist)
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30 January 2009 hi
please say me if the partner has paid vehicle insurance from his partnership firm where should it be accounted

should be accounted as vehicle repairs & maintance or capital withdrawl

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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30 January 2009 It depends on who is owner.

If firm is owner of the vehicle as per rc book of vehicle debit vehicle insurance.

If partner is owner of the vehicle as per rc book then debit his capital account as withdrawl.

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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31 January 2009 It seems that the vehicle is owned by the partner in his individual capacity for personal use. If so, then the amount of insurance paid from the firm's bank account is the withdrawl out of capital with the firm and is debitable to the said capital account as his withdrawl.

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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