Fuel Expenses

If we dont show any Assets in balance sheet but we claim fuel expenses in p&l a.c. is it correct??
Replies (4)
Quick Summary
This discussion clarifies whether fuel expenses can be claimed in the Profit & Loss (P&L) account even if no related assets are shown on the balance sheet. The consensus is that business-related fuel expenses are permissible to claim in the P&L as indirect expenses, regardless of asset ownership. This applies whether the company owns the vehicle, rents it, or borrows it, as long as the expense is directly linked to business activities.

You can claim if it allowed and besides the company need not own a car, it can rent a car or borrow a car

Yes, you may claim if it is related to business.

You can enter in p&l account if it relates to business
Yes you can claim fuel expenses in p/l a/c as it is an indirect expenses without showing assets in balance sheet

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