our company has a car in company name and has been used for past two years and depreciation is applied in the books. Now the company owner wants to change the car to his name but still use it for business purpose. what entries should be posted.
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Company car transferred to owner's name
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drawings because their is no such rule that owner use the assets in own name and show pass the regular business entry accounting is same for all business. rather then decision. it will affect the unexplained query rasied by IT Department for such allowance if you peraue with owner decisions.
https://www.pwc.in/services/tax/news_alert/2013/pwc_news_alert_3_july_2013_swagat_infrastructure_ltd..pdf
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