Fixed assets show in firm or partner account


This query is : Resolved 

Quick Summary
This discussion addresses the accounting treatment for a new car purchased for a partnership firm, where the payment was made from a partner's personal bank account. The consensus is that if the firm's money was used for the purchase, it should be reflected in the firm's accounts. However, if a partner's individual funds were used, the car should be recorded in that partner's personal account, not the firm's.

14 June 2021 Sir,
A partnership firm purchase of new car .but car purchase value show name of one of a partner name car
partnership firm used purpose.
Question:
Above transactions purchase of car show in firm account or partner individual account books in it act.

15 June 2021 As money spent by the firm show it in firm's account.

15 June 2021 sir, purchase of new car value payment through on partner individual bank account

15 June 2021 Can't be shown in firm's account.

20 June 2021 Agree with Seetharaman ji


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