How to treat when partner's personal vehicle used for business use.? & how to reimburse expense to the partner?
Menu
Partner's personal vehicle used for business use
Replies (2)
In the books of Firm
Vehicle Expenses A/c Dr
To Partner A/c Cr
( Vehicle expenses paid by partner )
When Firm reimburse expenses to partner
Partner A/c Dr
To Bank A/c Cr
( reimbursement of expenses to partner)
Show partner A/c under Current Liability , Balance sheet .
Vehicle Expenses A/c Dr
To Partner A/c Cr
( Vehicle expenses paid by partner )
When Firm reimburse expenses to partner
Partner A/c Dr
To Bank A/c Cr
( reimbursement of expenses to partner)
Show partner A/c under Current Liability , Balance sheet .
Correct me if I am wrong
Recent Threads
- GST Return Difference in AIS Reporting vs My Filin
- Ind As 32 Application
- Do I need to file ITR for getting money from mothe
- TDS on agricultural land bought under JDA
- How long does GSTR-2A reconciliation take your fir
- ITR-B Form
- CA Practitioners - where does your practice actual
- RCM for Processed Fish sales commission service re
- Withdrawal from composition any dead6
- Withdrawal from composition under GST
Related Threads
CAclubindia
