Assets accounts doubts

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shijo (Querist)
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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.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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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.

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