In a Partnership firm both the partners have purchased motor cars in their individual names, and the purchase consideration is credited to the partners current account. Can the asset be shown in the balance sheet of the firm and can depreciation be claimed on the same by the firm ??
In my opinion the car cannot be recorded in the books of the firm. However, the partner can take fuel and other maintenance expenses because he is incurring them for the business
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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