Capital assets accounting treatment in partnership firm & individual partner

partnership firm- jewellery shop (audit firm)

firm purchase new vehicle & amount details as below

2297203/- innova vehicle
293608/- cgst
293608/- sgst
314531/- cess
111849/- insurance
400018/- RTO
45246/- process fee
3556113/- total

two partners

vehicle purchase in the name as one of them (he also maintain his individual boks of account ) but full payment made by firm



1) guide how to maintain exact value entry in the books of account as capital assets
2) about depreciation
3) TCS collected - can claim individual partner
Replies (1)
If payment has been from Firm's account, vehicle should have registered in the name of the firm.

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