Interest on car loan
This query is : Resolved
SUBHASH JAIN
(Querist)
14 December 2011
IN A PARTNERSHIP FIRM , EXPENSES INTEREST ON CAR LOAN , CAN WE BOOK IT PAYABLE BASIS IN THE YEAR ENDING.
Aditya Maheshwari
(Expert)
14 December 2011
you can account is as per the generally followed accounting policy.
Ratan Sharma
(Expert)
14 December 2011
Yes you can show it as payable subject to you are following mercantile system of accounting. But remember sec. 43B also.
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