if lease of a car is given by A to B for 1 financial year,what treatment of car will be done in books of A?
Menu
lease
Replies (2)
In the books of A, Lease Rental will be treated as income and in the books of B lease rental will be treated as expense.
In the books of A, it is Cash/Bank a/c Dr. and Lease Rental Cr. In the books of B, lease rental Dr. and Cash/Bank a/c Dr.
To be precise, it is an operating lease we may conclude
thanks
Recent Topic
- Query for practicing CAs — how does your fir
- Treatment of NPS arrears in form 10E / ITR
- Sale of shares from non resident
- SEC 10(10CC) - TAX PAID BY EMPLOYER ON NON-MONETAR
- Buy back of shares
- Capital gain and federal tax withholding
- TIS amount
- Reimbursed income
- Bricks Klin
- Compile error in hidden module: Sheet1. (ITR 5 exc
Related Topics
CAclubindia
