Dear Team,
We started camera studio with 3 partners and each partners brought a Camera as investment now in books of account how to treat.. As each partner's asset are billed in their own name but bought to the business.
Kindly help me.
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Fixed Asset
Replies (3)
Sir debit fixed asset and credit partners capital account as per bill value
regards
prem
correct sir
And what about depreciation sir can we claim every year as per IT act right... And bill will be in partners name for fixed Asset purchase..... Billing name is not an issue... Right....
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