Fixed assets
This query is : Resolved
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?
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?
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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