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Allowable expenses
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.
Replies (3)
Quick Summary
It's allowable...make sure that invoice is in name of Firm ect..
Yeah invoice is firm's name but payment is made through partner's personal bank account
It's allowable...firm will reimburse that Expenses to Partner by cheque, once bank account of firm opened.
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