effect on balance sheet

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 March 2010 Q1.for a person filling ITR-4 as professional(he is a salesman),can he claim vehicle loan , EMI as deduction from his income? if yes , on which side of balance sheet or profit and loss a/c will it appear?

Q2.he has vehicle on his own name for which he has fully paid his vehicle loan EMI on which side of balance sheet will this appear?

Rahul Gupta

Rahul Gupta (Expert)
Follow

10 March 2010 In this Vehicle can be treated as an asset for the proprietor so accordingly vehicle will be shown as an asset on the Asset side of the balance sheet and the loan amount will be shown as liabilities.

Also only the amount of INTEREST paid on loan for vehicle can be charged to P&L as Interest on loan exp. along with the depreciation exp on vehicle.

In case, of proprietorship vehicle can be at the name of the proprietor.

Querist : Anonymous

Querist : Anonymous (Querist)

11 March 2010 thank you sir..for ur advice..

Querist : Anonymous

Querist : Anonymous (Querist)

11 March 2010 but sir by which amount it will be shown as loan is repaid during current financial year?at what amount bike will be shown under asset side..and in liability side

Querist : Anonymous

Querist : Anonymous (Querist)

11 March 2010 but sir by which amount it will be shown as loan is repaid during current financial year?at what amount bike will be shown under asset side..and in liability side

Rahul Gupta

Rahul Gupta (Expert)
Follow

11 March 2010 Take the value of the vehicle as asset and in liability, if loan exists then loan and balance in capital account.
If no loan exists then the entire amount as capital.

Querist : Anonymous

Querist : Anonymous (Querist)

13 March 2010 ok thank you sir...

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

DHANASHRI KARMARKAR

CA Aakarsh Jain

Michael & Co.

divakar podaturu

sachingurav

Subscribe Now

effect on balance sheet

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA