motor vehicle

A/c entries 1598 views 3 replies
User Avatar

Going...to be C.A soon...
1624 Points Joined June 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

Reply Share Follow
On 29 September 2007 at 10:08 Report
Replies (3)
User Avatar

Consultant
18525 Points Joined March 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)
Reply
On 29 September 2007 at 10:49
User Avatar

Chartered Accountant
3847 Points Joined May 2007
Expenditure relating to use of the car for professional purposes is allowable.
Reply
On 29 September 2007 at 11:01
User Avatar

Chartered Accountants
1054 Points Joined June 2007
personal expenses are disallowed a/c to sec. 37 of IT
Reply
On 29 September 2007 at 13:21


CCI Pro

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading