If a sole proprietor is a manufacturer and builds a shed to expand it's manufacturing line by taking a loan from bank how is accounting for it done and what will be the impact on p&l and balance sheet and taxation effect of it. Please help.
Menu
Sole proprietorship spends on asset
Replies (1)
Bank loan:
Bank Ac dr
Loan from xxxx bank cr(under loans&liability-Current liabilities)
Repyment of Emi
Loan from xxxx bank dr
Intrest on loan dr(Under finance cost-Profit and loss account)
Bank a/c
Bank Ac dr
Loan from xxxx bank cr(under loans&liability-Current liabilities)
Repyment of Emi
Loan from xxxx bank dr
Intrest on loan dr(Under finance cost-Profit and loss account)
Bank a/c
Recent Topics :
- 70:30 GST rule for solar EPC: partial scope (struc
- TDS on Redevelopers hardship allowance received no
- Who will take FSSAI AND TRADE LICENSE: owner or te
- E Way Bill in respect of Without Bringing Material
- FAST DS 2026 query
- Consultation
- E-way notices for FY 22-23
- Gst file not created
- Regarding 3CEB query
- Omitted E-Commerce Sales Reported in Table 14 but
Related Topics :
CAclubindia
