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Fixed assets

This query is : Resolved 
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(Querist)
11 February 2016 Mr. Ashok Gupta is a Karta of a HUF Firm, ABC Trading Co.

He purchased a vehicle in his name but the payment was done through the bank of the firm

Can it be shown as Fixed Assets of the firm?
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RAJESH KUMAR KHANDELWAL

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RAJESH KUMAR KHANDELWAL (Expert)
16 February 2016 If fixed assets purchased by Mr. Ashok Gupta in his personal name than it should not be booked in the Firm. If you want to booked it in the firm's books of accounts than the bill of fixed assets should be in the name of the firm.
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