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Car or housing loan

This query is : Resolved 
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(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
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CA. Nityananda Parida

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CA. Nityananda Parida (Expert)
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!
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CA. Nityananda Parida

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CA. Nityananda Parida (Expert)
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!
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RAMAKRISHNA

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RAMAKRISHNA (Querist)
14 July 2013 thank u sir
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