CAN I CLAIM THIS EXP. IN PROP, FIRM.
This query is : Resolved
PARDEEP SINGH
(Querist)
07 January 2009
ACTUALLY IF THE PROP. PURCHASE A LAPTOP FOR HIS BROTHER AND HE HAS PAID HIS BILL BY HIS CREDIT CARD AND THE BILL ALSO MADE WITH HIS BROTHER NAME BUT IN BILL AFTER HIS BROTHER NAME C/O FIRM NAME HAS MENTIONED. SO THEN IN THAT CASE CAN WE CLAIM IT IN OUR EXP.
PLEASE REPLY ME SOON.
PLEASE REPLY ME SOON.
CA Chaitanya
(Expert)
08 January 2009
If it is used for the purpose of business then it can be introduced in the balance and then you can claim depreciation on it.
CA Chaitanya
(Expert)
08 January 2009
The accounting entry will be
Lap top a/s dr
To Proprietor's capital a/c
Lap top a/s dr
To Proprietor's capital a/c
CA Chaitanya
(Expert)
08 January 2009
If it is used for the personal purpose of the brother then the proprietor cannot claim it as an asset and consequently he will loose the depreciation.
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