How to treat when partner's personal vehicle used for business use.? & how to reimburse expense to the partner?
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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
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