Allowbility of expense
This query is : Resolved
mahendra kewlani
(Querist)
06 August 2014
A Person is in Printing business, he has purchased a printing machine and has taken a loan against that. He is paying monthly installment of that loan, can he show installments in profit & loss a/c of business.
06 August 2014
yes since its for business such int is allowed as exp
mahendra kewlani
(Querist)
06 August 2014
only interest will be allowed or both interest plus principal repaymnt will be allowed...
06 August 2014
principle is not allowed as its capital amount only amount u debit to p n l i.e int is allowed
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