Assets accounts doubts
This query is : Resolved
25 January 2018
Dear all any one clarification of my doubt please
Firm partner buying a new car booked name of the invoice partner name not firm name . My doubt is the car asset booked in firm account or not .because firm is paid to car loan this is write or wrong any one solution give me i am totally confused .he is tell no problem asset is booked in firm account my doubt is wrong because car invoice name is partner name.
Firm partner buying a new car booked name of the invoice partner name not firm name . My doubt is the car asset booked in firm account or not .because firm is paid to car loan this is write or wrong any one solution give me i am totally confused .he is tell no problem asset is booked in firm account my doubt is wrong because car invoice name is partner name.
KAVIRAJA ADDANGADI
(Expert)
26 January 2018
Assets purchased in Partner individual Name cannot be asset of the firm, even though payment is made by firm it can be considered as drawing.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- GST input credit on commercial property
- Nursery business
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Section 269ST applicability for capital introduced by partner to his partnership firm
- Capital gains in IT returns
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
