Car or housing loan
This query is : Resolved
RAMAKRISHNA
(Querist)
07 July 2013
Dear sir,
one person has having sole proprietor firm , he purchased car and house in his individual name .But he took bank loan against this, he is remitting the installments through proprietor firm ac . where can i show the interest on loan and principal amount and can i capitalize asset in proprietor concern
kindly give us the solution of my query . it is more helpful to me
one person has having sole proprietor firm , he purchased car and house in his individual name .But he took bank loan against this, he is remitting the installments through proprietor firm ac . where can i show the interest on loan and principal amount and can i capitalize asset in proprietor concern
kindly give us the solution of my query . it is more helpful to me
08 July 2013
If these are not used for business purposes, then shouldn't be capitalised.
Interest and Principal amount paid from business money should be shown as drawing from owner's capital.
Thanks!
Interest and Principal amount paid from business money should be shown as drawing from owner's capital.
Thanks!
08 July 2013
If these are not used for business purposes, then shouldn't be capitalised.
Interest and Principal amount paid from business money should be shown as drawing from owner's capital.
Thanks!
Interest and Principal amount paid from business money should be shown as drawing from owner's capital.
Thanks!
RAMAKRISHNA
(Querist)
14 July 2013
thank u sir
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