motor vehicle

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Going...to be C.A soon...
1055 Points Posted on 29 September 2007

Respected all,

our firm has four partners and one of the partner has a Car in his name now i  want to show that in firm books so, plz tell me how to show that in firm books?

Car a/c Dr.

Partner capital a/c Cr.

and by making of this entry can i show all the expenses like Fuel, Repair etc.in books

thanks

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On 29 September 2007 at 10:08 Report
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Consultant
20134 Points Posted on 29 September 2007
You cannot make all expenses into the firm's books. Some portion of expenses which should be transferred to his drawings account (personal use of car)
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On 29 September 2007 at 10:49
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Chartered Accountant
4285 Points Posted on 29 September 2007
Expenditure relating to use of the car for professional purposes is allowable.
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On 29 September 2007 at 11:01
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Chartered Accountants
523 Points Posted on 29 September 2007
personal expenses are disallowed a/c to sec. 37 of IT
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On 29 September 2007 at 13:21

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