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Please Help: Accounting Treatment

Posted Date : 02-Apr-2017 , 09:28:25 pm | Posted By: Rahul Bansal

Category : Accounts | Answers : 0| Comments : 6| Hits: 223

how to treat when can is purchased in the name of proprietor and down payment and installments are paying by firm

Comments
Posted By : Nikhil Raj 04-Jul-2017, 01:39:20
Good Morning Rahul, The answer to the query depending upon the use of the assets. If you can substantiate that the Can is used for the beneficial interest of the Co, then it is treated as business expense and accordingly claim Depreciation. In case of proprietorship concern , whatever is in the name of proprietor and used for his business can be allowed as deduction for the depreciation on the same.
 
Posted By : Sunil Vishwakarma 24-Apr-2017, 05:31:13
Refer Swagat industries Ahemdabad Tribunal judgment -ITAT 2013
 
Posted By : Sunil Vishwakarma 24-Apr-2017, 05:28:05
If it is used by business purposes, You still claim depreciation & other expenses. Search Case Law beneficial to you.
 
Posted By : Gurdeep Ahuja 20-Apr-2017, 01:31:52
It will be treated as Business Expenses except where it is incurred for Personal use.Since Propritor is a Individual entity & expenses incurred for business purpose, it should be entered in firm accounts
 
Posted By : Deepak 07-Apr-2017, 08:20:46
If that is a personal nature than debit it in capital account.
 
Posted By : Ajay 05-Apr-2017, 03:32:15
it can be treated as a drawings by such partner from the firm for paying his personal car's installment.
 

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