Dear All
If a Car Loan is Taken by the partner of a firm in his own name and also the car is registered in the name of the partner and NOT IN THE NAME OF FIRM. Car Wil be used for purely business purpose.
In this Case can Partnership Firm Show the Car as an Asset and the related loan as Secured Loan in the books of the Firm.
Thanks
Expert Comments are Expected.
You can show it as Capital introduced by the PArtner in the firm and credit Capital Account & debit Car A/c.
But, Can I Show Loan taken, Repayment of that & Corresponding Interest in the EMI in the books of Firm
| Originally posted by : Abhishek | ||
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But, Can I Show Loan taken, Repayment of that & Corresponding Interest in the EMI in the books of Firm |
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No. You cannot show in the books of firm. Since the car is shown as partner's capital, but not as loan a/c
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