Regarding purchase of new car

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ca ipcc
313 Points Posted on 29 June 2020
One of my client is travel agent. Its proprietorship business. He bought a new car in last FY through loan, now he has cleared the loan

1.My question is should i disclose new car in balance sheet?

2. Can i take interest paid on loan in P&l A/c?
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On 29 June 2020 at 16:21 Report
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Quick Summary
A proprietorship travel agency has purchased a new car via loan and subsequently cleared it. The key questions are whether to disclose the new car on the balance sheet and if the loan interest paid can be claimed in the Profit & Loss account. The general consensus is that interest can be claimed if the car is used for business purposes.

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ggggggg
134 Points Posted on 29 June 2020
Yes you can show intt in pl
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On 29 June 2020 at 19:54
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ca ipcc
313 Points Posted on 29 June 2020
But car should be used for busienss purpose right??
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On 29 June 2020 at 20:59

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