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Allowable expenses

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Himanshu (student)     28 September 2020

Himanshu
student 
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If any new partnership firm have purchased some equipments and payment made through partner's personal bank account because firm doesn't have own bank account yet. Is it allowable expenses or will disallow.
Sagar Patel

Sagar Patel (Tax and Business Consultant)     28 September 2020

Sagar Patel
Tax and Business Consultant 
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It's allowable...make sure that invoice is in name of Firm ect..
Himanshu

Himanshu (student)     28 September 2020

Himanshu
student 
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Yeah invoice is firm's name but payment is made through partner's personal bank account
Sagar Patel

Sagar Patel (Tax and Business Consultant)     28 September 2020

Sagar Patel
Tax and Business Consultant 
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It's allowable...firm will reimburse that Expenses to Partner by cheque, once bank account of firm opened.

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