13 February 2020
If sole properitor had purchased a car few years back for personal purpose but now want to used that car for business purpose - 1.) Is that car shown at WDV in books ? 2.) Is Journal entry be - Asset dr , to Capital 3.) If installment is done from properitor personal account then also can properitor claim deduction of interest ?
23 February 2020
Dear garima , you can used it for business purpose 1)u can introduce the car in books as fixed assets as car is purchase from ur capital withdrawal (personal). 2)yes 3)As u introduce car in books of account & used in business the expenses regarding it can be claim.
CAclubindia
