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Himanshu (student)     28 September 2020

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.


 3 Replies

Sagar Patel

Sagar Patel (Tax and Business Consultant)     28 September 2020

It's allowable...make sure that invoice is in name of Firm ect..
Himanshu

Himanshu (student)     28 September 2020

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

It's allowable...firm will reimburse that Expenses to Partner by cheque, once bank account of firm opened.

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