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Can we use businesss vehicle (car) for personal use
can we use business's vehicle (car) for personal use in sole proprietorship??
Replies (5)
No because the maintenance costs like depreciation and repairs are reducing profits.
Or can we purchase building from business money and record in b/s of business and use it for personal use??
No building in balance sheet to be used for business purpose only.
Otherwise depreciation can't be allowed in full.
Otherwise depreciation can't be allowed in full.
No it's a violation
You cannot demarcate between person expenses and business expenses in case of of a solepropreitor business.
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